Posted Fri, Mar 24, 2023 8:09 AM

NESG Applauds Federal Government for Approving Nigeria Agenda 2050

The Nigerian Economic Summit Group (NESG) commends the Federal Government of Nigeria for approving the "Nigeria Agenda 2050" on March 15, 2023. This plan, which is a Medium and Long-term National Economic Development Plan, aims to take Nigeria to Upper Middle-Income Country and subsequently to the status of High-Income nation. The plan is expected to serve as a successor plan to the long-term National Vision 20:2020.

At the 25th Nigerian Economic Summit (NES#25), the NESG presented three scenarios of Nigeria in 2050 and set the tone for the development of the Nigeria Agenda 2050. This was necessary as the then subsisting National Development Plans, including the Nigeria Vision 20:2020 and Economic Recovery and Growth Plan (2017- 2020) were set to expire in December 2020.

The Federal Government of Nigeria (FGN), through the Federal Ministry of Finance, Budget and National Planning, commenced the development of the successor National Development Plan (NDP) 2021-2025 in the last quarter of year 2020 through to the first quarter of the year 2021. The NESG participated in the planning process within the thematic working groups and steering committee.

The Federal Ministry of Finance, Budget and National Planning simultaneously embarked on a 30-year vision for the country through the development of the "Nigeria Agenda 2050". The NESG was relied upon to provide private sector participation in the National Development Planning process.

The Nigeria Agenda 2050 is designed to transform the country into an "Upper-Middle Income Country" with a significant improvement in per capita income. The plan aims to fully engage all resources, reduce poverty, achieve social and economic stability, and develop mechanisms for achieving a sustainable environment consistent with global concerns about climate change. The plan provides broad frameworks for reducing unemployment, poverty, inequality, and human deprivation.

The NESG hereby pledges to continue partnering with the government and other stakeholders to ensure the implementation of the Nigeria Agenda 2050 and enjoins all newly elected Federal, State and Local political leaders to embrace a national vision that decisively repositions Nigeria in the national interest. The group will equally provide necessary assistance and support to help transform the Nigerian economy into a modern and globally competitive economy.