NEC Okays Nigeria Agenda 2050 with 165m Jobs in the Offing

•Initiative captures nation’s future expectations, says Osinbajo

Deji Elumoye in Abuja

The National Economic Council (NEC) rose from its emergency session and maiden meeting in 2023 yesterday and endorsed the “Nigeria Agenda 2050” designed to take the country through to Upper Middle-Income Country and subsequently to the status of High-Income nation.

At a meeting presided over by the Vice President, Prof. Yemi Osinbajo, at the State House, Abuja, the Agenda 2050 was presented by the Ministry of Finance, Budget and National Planning to State Governors and other members of NEC, including Ministers.

Speaking after the presentation and discussion by Council members, Osinbajo, according to a statement issued by his media assistant, Laolu Akande, observed that the plan captures a lot of the expectations for Nigeria in the future and hopefully implementation which is key if effectively done.

Also commenting on the Agenda, the Minister of State for Budget and National Planning, Prince Clem Agba, said 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 VP.

Highlights of the Nigeria Agenda 2050 as presented to NEC included: “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.

 “Nigeria Agenda 2050 is a perspective plan designed to transform the country into an “Upper-Middle Income Country”, with a significant improvement in per capita income.

 “The plan aims to fully engage all resources, reduce poverty, achieve social and economic stability. It also targets developing a mechanism for achieving a sustainable environment consistent with global concerns about climate change.

 “The plan therefore presents the road map for accelerated, sustained and broad-based growth and provides broad frameworks for reducing unemployment, poverty, inequality, and human deprivation.”

 According to the statement, Agenda 2050 was to help Nigeria attain her desire to successfully join the group of upper middle-income countries and subsequently to high-income group.

 “This requires significant improvement in the country’s per capita GDP which will be powered by rapid and sustained economic growth.

 “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.

 “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.

“Consequently, the number of full time jobs created will be roughly 165 million during the Agenda period to spur poverty reduction.”