President Buhari Launches Nigeria Agenda 2050 To Increase GDP

President Muhammadu Buhari launched a new plan, Nigeria Agenda 2050 (NA 2050) to increase the country's GDP.

President Buhari shared the plan on Wednesday during the Federal Executive Council (FEC) meeting held in Abuja. He explained that the NA 2050 will aim to achieve a GDP per capita of $33,328 per annum, which will make Nigeria one of the top middle-income economies across the globe by 2050.

GDP (Gross Domestic Product) per capita reflects the economic health of a country by dividing the GDP by its population.

The president said that the plan will help to increase the GDP by 7% as it will create 165 million new jobs and the condition of 2.1 million Nigerians living in poverty will be improved.

"The plan we are launching today has a vision of a dynamic, industrialized and knowledge-based economy that generates inclusive and sustainable development for the country," Buhari said, Punch reported.

He explained that the plan's target is to ensure that "Nigeria attains a per capita GDP of $33,328 per annum that will place her among the top middle-income economies in the world by 2050."

"I am confident that given the measures already in place for continuous planning implementation, successive administrations will find the document useful in delivering electoral promises," he added.

During the meeting, the president recalled that in March 2020 he approved the development of successor plans to both Nigeria Vision 20:2020 and the Economic Recovery and Growth Plan, 2017-2020.

However, he noted that the "plans lapsed in December 2020."

Buhari also recalled inaugurating the National Steering Committee in September 2020 under the leadership of the Minister of Finance, Budget and National Planning and a distinguished private sector operator, Mr. Atedo Peterside.

"The Steering Committee is to superintend the preparation of the Nigeria Agenda 2050 and the National Development Plan, 2021-2025, to succeed the Nigeria Vision 20: 2020 and Economic Recovery and Growth Plan, 2017-2020, respectively," he explained.

Buhari noted that he has charged the committee to ensure that the plans are prepared and implemented, even after the expiration of the tenure. The president will be stepping down from his position as president-elect Bola Ahmed Tinubu will take over from May 29 onwards.

"It is instructive to inform Council and indeed all Nigerians that I had on December 22, 2021, launched the first of the six number five-year medium-term plans, the National Development Plan, 2021-2025, that will be used to implement the Long-Term Plan," Buhari concluded. "Council also, on March 15, 2023, approved the Nigeria Agenda 2050 that we are launching today."

The President praised the National Steering Committee, which is led by the Minister of Finance, Budget and National Planning, Zainab Ahmed and the Minister of State, Budget and National Planning, Prince Clem Agba, for working on this important assignment.

During the meeting, Minister Ahmed said that the plan will address the country's subsisting economic and social challenges including low productivity, high population growth rate, limited concentric economic diversification, and low, fragile and non-inclusive growth.