- The Federal Executive Council (FEC) has approved Nigeria Agenda 2050 which has six medium term development plans to run from 2021 to 2050, dealing with various specifics.
The Minister of State, Budget and National Planning, Clement Agba, announced this yesterday while briefing State House reporters after the federal cabinet meeting presided over by President Muhammmadu Buhari at the Presidential Villa, Abuja.
The National Economic Council (NEC) endorsed the agenda 29 months after the president had inaugurated the National Steering Committee for the preparation of the Medium-Term National Development Plan 2021 – 2025 and Nigeria Agenda 2050.
He said the medium term development plans will run from 2021 – 2025, 2026 – 2030, 2031-2035, 2036-2040, 2041 – 2045 and 2046 – 2050.
“The broad objectives are to create a stable and predictable macro-economic environment by adopting policies that are consistent with raising domestic savings and investments, to establish a solid foundation for a concentric diversified private sector-led economy as well as create a more resilient business environment that creates and supports opportunities for Nigerians to realise their potential, among others,” he said.
The 2050 agenda, he added, highlights the road map for accelerated, sustained and broad-based growth and also provides broad frameworks and approaches for reducing unemployment, poverty, and inequality.
Agba said the plans were developed in collaboration with the sub-national governments, the three main political parties, PDP, APC and APGA as well as the organised labour, the youth and women folks, religious bodies and traditional institutions.
The plan which is aimed at increasing real GDP growth by 7 per cent, creating 165 million new jobs and reducing the number of people living in poverty to 2.1 million in 2050, from the 83 million people estimated in 2020 has an overarching goal to take Nigeria through to an Upper Middle-Income Country and subsequently to the status of a High-Income country by 2050.
