The Minister of Budget and Economic Planning, Sen. Atiku Bagudu has revealed the Federal government’s target to increase the country’s GDP per capita to $6000 and reduce unemployment to 6% by 2030.
Nigeria’s GDP per capita currently stands at $2,184 while its unemployment rate dropped to 4.1% according to the latest report.
Beyond that, the Minister also said there are plans to reduce the poverty rate to 0.6% and transition the country to a middle-income economy.
Sen. Bagudu disclosed this during a press briefing in preparation for the Nigeria Economic Summit billed to be held from October 23 to 24, 2023.
In his words,
- “The main target of the Nigeria Agenda 2050 is to increase the country’s per capita GDP to $6,000 and $33,000 by 2030 and 2050 respectively.”
- “It will also bring the poverty rate to 0.6% and the unemployment rate to 6.3% while transiting the economy to the highest per capita GDP in the group of upper-middle-income economies.”
- “The plan will be effectively implemented by successive governments through six number 5-Year Medium-Term National Development Plans and Annual Budgets.”
Themes of the NES
Speaking further on the themes of the summit, the Minister said the discussions revolving around the theme will encompass five sub-themes, which include stimulating economic growth and mobilizing finance for sustainable development.
Additionally, these discussions will focus on harnessing human capital development, promoting national cohesion and inclusion, and reforming public institutions, among other pertinent topics.
Bagudu mentioned that these sub-themes are intended to address relevant aspects outlined in the National Development Plan 2021-2025, Nigeria Agenda 2050, and the Renewed Hope Agenda.
Review of the National Development Plan 2021-2025
The minister emphasized that the “renewed hope agenda” and the eight priority areas of the current administration were designed to expedite the objectives of the “Nigeria Agenda 2050.”
Additionally, he highlighted the “NDP 2021-2025” with its focus on achieving a double-digit growth rate and fostering inclusive development.
- “The ministry is presently conducting a mid-term review of the NDP 2021-2025, to refine the plan and incorporate the renewed hope agenda of the current government into it,” said Bagudu.
He also expressed that the ministry is open to “innovative ideas” from stakeholders at the summit to ensure their effective integration into the NDP 2021-2025.
Incredible! The minister expects the country to grow at a YoY rate of roughly 15% for the next seven years……this is remarkable and sounds merely like the usual rhetorics. Where are the structures to generate this massive economic activities needed to stimulate such humongous economic growth required to post such quantum leap in GDP – almost 200% of country’s current GDP? If we continue to run a mono-product economy and does nothing to sanitize the tax administrative system, grow the non-oil sector to generate sufficient revenues, substantially reduce the current concentration risk in the system, etc, nothing of such will happen, regrettably!!