Nigeria’s 2050 agenda projects 7% annual GDP growth
By Cynthia Ezekwe
Nigeria’s 2050 agenda, recently endorsed by the National Economic Council (NEC), projects a seven per cent growth in the gross domestic product (GDP) of Nigeria, with a significant improvement in per capita income.
The agenda which was presented by the ministry of finance, budget and national planning to state governors and other members of NEC, including federal ministers, in a recent meeting presided over by Yemi Osinbajo, the vice president of Nigeria, disclosed that Nigeria’s long-term ambition is to improve its per capita GDP from about $2,084.05 in 2020 to $6,223.23 in 2030 and $33,328.02 in 2050, with rapid and sustained economic growth, job creation and poverty reduction.
Commenting on the 2050 agenda, Laolu Akande,the media assistant to the vice president noted that the agenda which is formulated against the backdrop of several subsisting development challenges in the country captures a lot of the expectations for Nigeria in the future.
Also speaking on the agenda, Clem Agba,the Minister of state for budget and national planning, disclosed that the federal government took unprecedented steps in ensuring the operationalisation of the plan, especially with the inauguration of the steering committee of the national development plan by the vice president.
The plan aims to fully engage all resources, reduce poverty, and achieve social and economic stability. It also targets developing a mechanism for achieving a sustainable environment consistent with global concerns about climate change.
The 2050 agenda also has a target to fully engage all resources, reduce poverty, and achieve social and economic stability. It also targets developing a mechanism for achieving a sustainable environment consistent with global concerns about climate change.
According to the statement presented to NEC, Nigeria Agenda 2050 is formulated against the backdrop of several subsisting development challenges in the country. These challenges include low, fragile, and non-inclusive economic growth; high population growth rate, pervasive insecurity, limited diversification, macroeconomic and social instability, low productivity and high import dependence.
“The Nigeria Agenda 2050 projects annual average real GDP growth of seven per cent. The real growth rate of the GDP of the first medium-term NDP 2021-2025 on average will be 4.65 percent and this will increase to 8.01 percent in the second NDP; subsequently, it is expected to increase to 8.43 percent in the third,’’ the statement noted.
The statement also disclosed that consequently, the number of full time jobs created will be roughly 165 million during the agenda period to curb poverty. It also pointed out that the agenda presents the road map for accelerated, sustained and broad-based growth and provides broad frameworks for reducing unemployment, poverty, inequality, and human deprivation.