Buhari says Nigeria will become a middle-income economy by 2050.

President Muhammadu Buhari, on Wednesday in Abuja, launched a new long-term national development plan, Nigeria Agenda 2050 (NA 2050), which aims to ensure the country achieves a per capita GDP of $33,328 per annum. Middle-income economies of the world in 2050.

The President inaugurated NA 2050 before the commencement of the weekly meeting of the Federal Executive Council (FEC) in the Council Chamber.

A statement by the Presidential Spokesperson, Femi Adesina, said the plan envisions a dynamic, industrialized and knowledge-based economy that will create inclusive and sustainable development for the country.

He said the document would be useful for successive administrations to deliver on their election promises, considering the existing measures for continuous project implementation.

“You will recall that in March, 2020, I approved the development of succession plans for both the Nigeria Vision 20:2020 and the Economic Recovery and Growth Plan (ERGP), 2017-2020. These plans expire in December 2020.

In order to implement this approval, in September 2020, the National Steering Committee, Hon. Minister of Finance, Budget and National Planning and a renowned private sector operator, Mr. Atedo Peterside.

“The steering committee is to oversee the preparation of the Nigeria Agenda 2050 and the National Development Plan (NDP), 2021-2025, following the Nigeria Vision 20: 2020 and the Economic Recovery and Growth Plan (ERGP), 2017-2020. .

At the inaugural function, I directed the Steering Committee to prepare plans that are inclusive of all views and ensure smooth and balanced development, and to enact necessary laws to ensure continued implementation of the plans after the end of the tenure. Successive administrations.

“This was achieved through the preparation of Volume III of the NDP, which deals with the legal imperatives for binding constraints identified for project implementation in Nigeria.

“I am hereby advised to inform the Council and indeed all Nigerians that on December 22, 2021, I launched the first of six five-year medium term plans, the National Development Plan (NDP), 2021-2025. A long term plan should be implemented.

“The Council on March 15, 2023 approved the Nigeria Agenda 2050 which we are launching today,” he said.

The President described the National Steering Committee led by the Minister of Finance, Budget and National Planning, Zainab Ahmed and the Minister of State, Budget and National Planning, Prince Clem Akba, for re-delivering this important national mission. The launch and public presentation of NA 2050 marks another milestone in the history of our post-independence planning experience.

He added that this achievement showed the administration’s commitment to planning and implementing the program since assuming office on May 29, 2015.

In the process of preparing the plan, the Minister of Finance, which is not only participatory and consultative, but inclusive; It includes all key stakeholders such as representatives from all Central Ministries, Departments and Agencies (MDAs), 36 States and the Union Capital Territory and Local Government Areas (LGAs).

He listed other stakeholders like the organized private sector, youth organizations, labor unions, traditional and religious institutions, major political parties, women’s organizations, people with special needs.

The Nigeria Agenda 2050 is framed against the backdrop of economic and social challenges facing the country, including low, fragile and inclusive growth, insecurity, high population growth rates, limited intensive economic diversification and low productivity.

„The plan is a long-term economic transformation program designed to address these challenges,” he said.

With the expected improved capital accumulation, investment as a proportion of GDP is expected to increase from the current 29.40 percent to 40.11 percent by 2050, Ahmed told the chairman and other FEC members present at the inauguration.

Under the plan, the majority of investment is expected to be financed by the private sector, while total employment is expected to rise from 46.49 million in 2020 to 203.41 million in 2050, he explained.

This implies that unemployment will decrease from 33.3 percent in 2020 to 6.3 percent in 2050. The number of people living in poverty will decrease from 83 million in 2020 to 2.1 percent by 2050,” said the finance minister.