The Federal Government of Nigeria has announced its ambitious targets to reduce the poverty rate to 0.6 percent and the unemployment rate to 6.3 percent by the year 2030 and 2050 as part of its long-term development agenda.
Speaking at a news briefing for the 29th Nigerian Economic Summit in Abuja, the Minister of Budget and Economic Planning, Sen. Atiku Bagudu, outlined the government’s objectives. The summit, scheduled for October 23 to 24 at the Transcorp Hilton, Abuja, carries the theme “Pathways to Sustainable Economic Transformation and Inclusion.”
Minister Bagudu explained that the theme was chosen to facilitate discussions on the imperative need to transform the nation’s economy while ensuring inclusivity for all citizens. The discussions during the summit will be structured around five sub-themes:
- Stimulating economic growth and mobilizing finance for sustainable development.
- Harnessing human capital development.
- Promoting national cohesion and inclusion.
- Reforming public institutions.
- Other relevant pillars in the National Development Plan 2021-2025, the Nigeria Agenda 2050, and the Renewed Hope Agenda.
Minister Bagudu also revealed that the Nigeria Agenda 2050 aims to increase the country’s per capita GDP to $6,000 and $33,000 by 2030 and 2050, respectively. It also aims to reduce the poverty rate to 0.6 percent and the unemployment rate to 6.3 percent while transitioning the economy to the highest per capita GDP among upper-middle-income economies.
The government intends to achieve these goals through successive governments, employing six 5-Year Medium-Term National Development Plans and Annual Budgets.
Furthermore, Bagudu mentioned that the Renewed Hope Agenda, along with the eight priority areas of the current administration, is designed to expedite the objectives of the Nigeria Agenda 2050. The National Development Plan 2021-2025 also plays a vital role in achieving a double-digit growth rate and inclusive development.
The Minister invited innovative ideas from stakeholders at the summit to effectively integrate the renewed hope agenda into the NDP 2021-2025, which is currently undergoing a mid-term review for fine-tuning.
Minister Bagudu concluded by emphasizing that the success of the summit relies on the active and deliberate participation of all critical stakeholders, including the Federal Government, sub-national government, private sector operators, civil society organizations, the media, and development partners. He also expressed gratitude for the contributions and commitments of various corporate organizations and government institutions toward the successful hosting of the summit.