The Minister of Budget and Economic Planning, Senator Atiku Bagudu, made significant announcements during a news briefing for the 29th Nigerian Economic Summit (#NES29) held in Abuja on Thursday.
The #NES29, scheduled to take place from October 23rd to October 24th at the Transcorp Hilton in Abuja, has chosen the theme “Pathways to Sustainable Economic Transformation and Inclusion.”
Senator Bagudu explained that this theme was chosen to foster discussions on transforming the nation’s economy while ensuring inclusivity. The discussions will revolve around five sub-themes, namely stimulating economic growth and mobilizing finance for sustainable development, harnessing human capital development, promoting national cohesion, and reforming public institutions.
These sub-themes will address crucial pillars in the National Development Plan (NDP) 2021–2025, the Nigeria Agenda 2050, and the Renewed Hope Agenda.
Senator Bagudu emphasized that the Nigeria Agenda 2050 aims to increase the country’s per capita GDP to $6,000 and $33,000 by 2030 and 2050, respectively. Additionally, it aims to reduce the poverty rate to 0.6% and the unemployment rate to 6.3%, while transitioning the economy to have the highest per capita GDP among upper-middle-income economies.
He further explained that successive governments would effectively implement this plan through six 5-Year Medium-Term National Development Plans and Annual Budgets.
The minister highlighted that the Renewed Hope Agenda, along with the eight priority areas of the current administration, seek to expedite the goals of the Nigeria Agenda 2050 and the NDP 2021-2025, focusing on double-digit growth rate and inclusive development.
The Ministry is currently conducting a mid-term review of the NDP 2021-2025 to fine-tune the plan and ensure the incorporation of the renewed hope agenda. Senator Bagudu encouraged stakeholders at the summit to share innovative ideas that would facilitate effective integration into the NDP 2021-2025.
The success of the summit hinges on the active and deliberate participation of critical stakeholders, including the federal government, sub-national governments, private sector operators, civil society organizations, the media, and development partners.
Senator Bagudu expressed his gratitude for the contributions and commitments of various corporate organizations and government institutions towards the successful hosting of the summit.
Mr. Olaniyi Yusuf, Chairman of the Nigerian Economic Summit Group (NESG), emphasized their objective to promote development in the country. He stressed the need for industrialization that ensures equal opportunities and broad distribution of income and non-income gains across society.
Yusuf acknowledged the challenges of low productivity, insufficiently diversified local economic activity, high unemployment rates, and job insecurity in Nigeria. He identified the pressing concern of translating economic growth into improved living standards for all citizens.
Data from the National Bureau of Statistics (NBS) in 2022 revealed that approximately 62.9% of the population, equivalent to 133 million people, live in multidimensional poverty, which poses a threat to the development of a vibrant middle class.
Yusuf highlighted the potential of Nigeria’s youthful population to accelerate national development through entrepreneurship and innovation. By leveraging technology and innovation, creative minds can introduce disruptive solutions, create jobs, and contribute to the overall progress of the Nigerian economy.
Yusuf emphasized that the NESG aims to enhance the role of entrepreneurship, skills, and innovation, as well as sub-national and local governments, in driving economic growth and development. The ultimate objective is to foster a more inclusive, sustainable, and equitable economy.
The summit aims to foster collaboration among key stakeholders from diverse sectors and devise effective strategies to promote good governance at all levels of government.
The News Agency of Nigeria (NAN) reported that the NES is organized annually by the Federal Ministry of Budget and Economic Planning and the Nigerian Economic Summit Group (NESG).
