The Federal Government has said it is fully committed to implementing the country’s Agenda 2050 to ensure the nation attains a gross domestic product (GDP) per capita of $33,000 and bring the poverty rate down to 0.6 percent.
Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu who stated this at the news conference on the forthcoming 29th Nigerian Economic Summit (NES29), said the overall aim of the agenda was to increase the country’s per capita GDP and thereby transiting the economy to the highest per capita GDP in the Group of upper-middle income economies.
“The Plan will be effectively implemented by successive governments through six number 5-Year Medium-Term National Development Plans and Annual Budgets,” he said. He said the goals of Sustainable Economic Development as encapsulated in the Nigeria Agenda 2050, include; a stable and predictable macroeconomic environment, adopting policies that are consistent with raising domestic savings and investment, creating an enabling and conducive business environment, achieving concentric economic diversification, achieving sustainable growth as well as promoting productivity and industrial development, among others.
The minister said the Summit has become the largest and foremost annual convergence for public sector policy makers and private sector industry leaders in Nigeria, adding that the theme of the 29th Nigerian Economic Summit which is “Pathways to Sustainable Economic Transformation and Inclusion”, was chosen to discuss the imperatives for transforming the nation’s economy while ensuring inclusivity.
“The discussions around the theme will be dimensioned across five sub-themes; namely, Stimulating Economic Growth; Mobilizing Finance for Sustainable Development; Harnessing Human Capital Development; Promoting National Cohesion & Inclusion; and Reforming Public Institution,” Bagudu said.
“Its success will depend on the active and deliberate participation of all critical stakeholders; including, the Federal Government, Sub-national Government, Private Sector operators, Civil Society organizations, the Media and Development Partners.”
The Minister said the Renewed Hope Agenda and 8 Priority Areas of the current Administration are aimed at fast-tracking the goals of the Nigeria Agenda 2050 and the National Development Plan 2021-2025 with a double-digit growth rate and inclusive development.
“The Ministry is in the process of conducting the mid-term review of the NDP 2021-2025 with the purpose of fine-tuning the Plan and ensuring that the Renewed Hope Agenda of the current Government is incorporated into the NDP 2021-2025,” he said. “The Ministry will welcome innovative ideas from the stakeholders at the Summit to ensure its effective integration into the NDP 2021-2025.”
He said the Pathways to Sustainable Economic Transformation and Inclusion in Nigeria lie in innovative policies, robust workable institutions, strategic investments in infrastructure, upskilling human capital, encouraging entrepreneurship and innovation, and leveraging digital technology.
“Through targeted reforms, increased transparency, and good governance, Nigeria can unlock its immense economic potential, attract foreign investments, equip our youth with the skills and resources they need to leverage the opportunities of this digital era, and improve the quality of life for its citizens,” the minister said.
He said the 29th Summit seeks to inspire confidence in the Nigerian economy to drive job creation, economic growth and the realization of Nigeria’s economic potentials; Collectively design and prioritize strategies to unlock untapped potentials, foster sustainable economic transformation and promote shared prosperity for the nation; Cultivate a people and technology-centered approach to addressing emerging trends, shaping a future of inclusive and sustainable economic growth for Nigeria; Facilitate the implementation of reforms to promote investor confidence, attract FDI, and provide incentives for private sector participation in economic and social development; and Facilitate discussions and actions towards attracting capital to support sustainable economic development initiatives.
Earlier in his speech, the Chairman Mr. Olaniyi Yusuf said Nigeria is presently confronted by critical challenges that demand equitable and resilient economic development.
He said Nigeria stands at a unique juncture to chart a course towards shared prosperity and overcome long-standing obstacles that have impeded its socio-economic progress.
According to him, “In the face of a rapidly changing global economic landscape and increasing inequalities, a strategy for sustained growth must ensure a form of industrialization that makes opportunities accessible to all people and broadly distributes income and non-income gains across society.
“Our inability to fully integrate solutions to social issues into targeted industrial and economic policies undermines the developmental potential of our country, thus widening income inequality gaps.”
The NESG chairman said with a predominantly young population and a high debt burden, Nigeria must chart a trajectory that ensures inter-generational and sustainable growth. “The nation has encountered various economic and political obstacles in recent years, underscoring the urgent need to redesign its systems and address structural issues,” he said.
“Data from the National Bureau of Statistics (NBS) in 2022 revealed that approximately 62.9 percent of the population (i.e., 133 million people) live in multidimensional poverty, threatening the development of a vibrant middle class.
“Nigeria’s youthful population presents a tremendous opportunity for accelerating national development through entrepreneurship and innovation. With a large pool of creative and ambitious young minds, the country has the potential to foster a vibrant start-up ecosystem and drive economic growth.
“By leveraging technology and innovation, these creative minds can introduce disruptive solutions, create jobs, and contribute to the overall progress of the Nigerian economy.
“2023 presents another opportunity to demonstrate a strong political will to tackle Nigeria’s socio-economic challenges. Hence, the NESG aims to focus on enhancing the role of entrepreneurship, skills and innovation, as well as sub-national and local governments, as drivers of economic growth and development. The ultimate objective is to foster the creation of a more inclusive, sustainable, and equitable economy.”
The 29th Nigerian Economic Summit (NES#29) is scheduled to hold from October 23 – 24, 2023 in Abuja.