President Muhammadu Buhari today, May 3, launched a new long-term national development plan, the Nigeria Agenda 2050 (NA 2050) for Nigeria, 26 days to exiting office.
The new national plan that is launched by Buhari’s outgoing government aims to ensure that the country attains a per capita Gross Domestic Product (GDP) of $33,328 per annum, placing her among the top middle-income economies in the world by 2050
President Buhari said the plan has the vision of a dynamic, industrialized and knowledge-based economy that generates inclusive and sustainable development for the country.
The administration has introduced Economic Recovery Growth Plan (ERGP) which failed to record significant milestone for Nigeria’s failing Nigerian economy, which is characterized by high unemployment, poverty and fiscal deficit.
Available data show that 63 percent of Nigerian citizens (133 million people) are multidimensionally poor, according to the nation’s statistics bureau.
Members of the incoming administration of Bola Ahmed Tinubu who will take office on May 29, 2023 were not included in the planning of the new national programme that was released today.
Minister of Budget and National Planning, Clem Agba said executive members of Nigeria’s major political parties, including Tinubu’s All Progressives Congress were among stakeholders that were involved in the planning process.
President Buhari said. that given the measures already in place for continuous plan implementation, successive administrations will find the document useful in the delivery of electoral promises.
Minister of Finance, Budget and National Planning Zainab Ahmed told the President and other FEC members present at the inauguration that with the expected improved capital accumulation, investment as a ratio of GDP is expected to increase from the current 29.40 per cent to 40.11 per cent by 2050.
She explained that under the plan, the bulk of the investment is expected to be financed by the private sector while total employment is expected to rise to 203.41 million in 2050 from 46.49 million in 2020.
