The Minister of Budget and Economic Planning, Sen. Atiku Bagudu, has said the federal government aims to reduce the poverty rate to 0.6% by 2030 and the unemployment rate to 6.3% by 2050. He made the remarks in Abuja during a news briefing for the 29th Nigerian Economic Summit (#NES29), themed “Pathways to Sustainable Economic Transformation and Inclusion.” Bagudu said that the theme which is surrounded by five sub-themes, was selected to discuss the need for transforming the nation’s economy while ensuring inclusivity
Included in the five sub-themes are stimulating economic growth and mobilizing finance for sustainable development, harnessing human capital development, promoting national cohesion, and reforming public institutions. These agenda’s sub-themes, he said, would address key aspects of the NDP 2021-2025, the Nigeria Agenda 2050, and the Renewed Hope Agenda. Also, it will transition the economy to having the highest per capita GDP among the upper-middle-income economies, while reducing the poverty rate to 0.6% and the unemployment rate to 6.3%.
NESG is focused on fostering economic growth.
Leveraging six 5-year Medium-Term National Development Plans and annual budgets, he said, the strategy will be efficiently implemented by successive governments. According to him, the current administration’s renewed hope agenda and eight priority areas are designed to expeditiously achieve the double-digit growth rate and inclusive development envisioned by the Nigeria Agenda 2050 and the NDP 2021-2025. The NDP 2021-2025 is now undergoing a mid-term assessment by the ministry in order to make any necessary adjustments and to integrate the renewed hope agenda of the present government.
Bagudu said the Ministry is open for new, creative ideas from the summit’s participants in order to integrate them into the NDP 2021-2025 goal. The stakeholders include the federal government, state and local governments, private sector businesses, CSOs, the media, and development partners. Furthermore, he lauded the efforts and dedication of all the corporate groups and government agencies involved in organizing and hosting the summit. Mr. Olaniyi Yusuf, Chairman of the Nigerian Economic Summit Group (NESG) said the organization is focused on fostering economic growth.
Nigeria Poverty levels continue to rise in extreme and moderate forms.
A plan for sustained growth amidst rapidly shifting a global economic landscape and rising inequities requires an industrialization that ensures opportunities are available to all people and that income and non-income gains are equitably distributed across society. Income disparity has widened as our country’s potential for progress has been hampered by our inability to adequately incorporate solutions to social challenges into focused industrial and economic policies. While poverty levels have generally been falling, they are rising in Nigeria in both extreme and moderate forms.
He said Nigeria is still struggling with issues like low productivity, poor diversification of local economic activity, high unemployment rates, and job insecurity. According to Yusuf, raising everyone’s standard of life must be the top priority in order to make the country’s economic growth meaningful. Despite the country’s average rate of growth during the past few years, it has serious challenges in the areas of rising unemployment, income inequality, and multidimensional poverty. Uneven resource distribution, macroeconomic instability, and institutional deficiencies all contribute to these difficulties.
Overarching goal is to encourage an inclusive economy.
According to Yusuf, the country’s youth population offers an outstanding opportunity to hasten the pace of national growth through innovation and entrepreneurship. These creative minds can help advance the country’s economy through utilizing innovative technology to provide game-changing solutions, generate new employment opportunities, and boost GDP growth. Thus, the NESG intends to emphasize the importance of sub-national and local governments, as well as entrepreneurship, skills, and innovation, in promoting economic growth and development. The overarching goal is to encourage the development of an inclusive, sustainable, economy.