By Tony Obiechina, Abuja
The Renewed Hope Agenda and 8 Priority Areas of the current Administration are aimed at fast-tracking the goals of the Nigeria Agenda 2050 and the National Development Plan(NDP) 2021-2025.
Minister of Budget and Economic Planning Senator Abubakar Atiku Bagudu re-stated the government’s plan for the economy at a world press conference held in Abuja on Thursday ahead the upcoming 29th Nigeria Economic Summit scheduled for October 23-24, 2023 in Abuja .
The Minister said his Ministry will welcome innovative ideas from the stakeholders at the Summit to ensure its effective integration into the NDP 2021-2025.
According to him, the Ministry is in the process of conducting the mid-term review of the NDP 2021-2025 with the purpose of fine-tuning the Plan and ensuring that the Renewed Hope Agenda of the current Government is incorporated into the NDP 2021-2025.
“Overall, the main target of the Nigeria Agenda 2050 is to increase the country’s per capita GDP to US$6,000 and US$33,000 by 2030 and 2050 respectively”, he said.
Bagudu also said the plan will bring poverty rate to 0.6% and unemployment rate to 6.3%, while transiting the economy to the highest per capita GDP in the Group of upper-middle income economies.
Speaking more on the plan, the Minister noted that it will be effectively implemented by successive governments through six number 5-Year Medium-Term National Development Plans and Annual Budgets.
The theme of the 29th Nigerian Economic Summit is “Pathways to Sustainable Economic Transformation and Inclusion”.
The Minister noted that the theme was chosen to discuss the imperatives for transforming the nations economy while ensuring inclusivity.
According to him, the discussions around the theme will be dimensioned across five sub-themes; namely, Stimulating Economic Growth; Mobilizing Finance for Sustainable Development; Harnessing Human Capital Development; Promoting National Cohesion & Inclusion; and Reforming Public Institution
He revealed that the coming summit seeks to, among other things, inspire confidence in the Nigerian economy to drive job creation, economic growth and the realization of Nigeria’s economic potentials.
The Minister noted that it will also collectively design and prioritize strategies to unlock untapped potentials, foster sustainable economic transformation and promote shared prosperity for the nation, apart from cultivating a people and technology-centered approach to addressing emerging trends, shaping a future of inclusive and sustainable economic growth for Nigeria.
Also speaking at the event, the Chairman of the Nigeria Economic Summit Group (NESG), Mr Olaniyi Yusuf said that Nigeria is confronted by critical challenges that demand equitable and resilient economic development.
According to him, “Nigeria stands at a unique juncture to chart a course towards shared prosperity and overcome long-standing obstacles that have impeded our socio-economic progress”.
Yusuf said in the face of a rapidly changing global economic landscape and increasing inequalities, a strategy for sustained growth must ensure a form of industrialization that makes opportunities accessible to all people and broadly distributes income and non-income gains across society.
He added that the country’s inability to fully integrate solutions to social issues into targeted industrial and economic policies undermines the developmental potential of Nigerian economy, thus widening income inequality gaps.
The NESG helmsman pointed out that while there has been a broad decline in poverty worldwide, both extreme and moderate poverty remain and continue to increase in our country.
He identified low productivity, inadequately diversified local economic activity, high unemployment rates and job insecurity as serious challenges for our country.
Mr Yusuf said “with a predominantly young population and a high debt burden, Nigeria must chart a trajectory that ensures inter-generational and sustainable growth, stressing that the nation has encountered various economic and political obstacles in recent years, underscoring the urgent need to redesign its systems and address structural issues. READ ALSO:
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He added that one of Nigeria’s pressing concerns is the need to translate economic growth into improved living standards for all its citizens
Earlier, the Permanent Secretary of the Budget and Economic Planning Ministry, Mr Nebolisa Anako said the coming summit is of great significance in terms of adding value in driving the current reforms by the present administration.
He appreciated the contributions of the various corporate organization and Government institutions that have provided support and those who have made commitments towards the successful hosting of the Summit.
