The federal government targets a $6,000 GDP per capita and a 6% unemployment rate by 2030

During a press briefing in preparation for the Nigeria Economic Summit scheduled for October 23 to 24, 2023, the Minister of Budget and Economic Planning, Sen. Atiku Bagudu, unveiled the federal government’s ambitious goals for the nation’s economic growth.

First and foremost, the government aims to elevate Nigeria’s GDP per capita to $6,000 by 2030, nearly tripling the current figure of $2,184. Additionally, the plan is to reduce the unemployment rate to a mere 6%, down from the latest reported rate of 4.1%. To add to this, there are further aspirations to significantly decrease the poverty rate to an astonishingly low 0.6% and transition the country into a middle-income economy.

Sen. Bagudu emphasized that these objectives are aligned with the Nigeria Agenda 2050, which envisions reaching a per capita GDP of $6,000 by 2030 and $33,000 by 2050. This transformative plan also seeks to minimize poverty and unemployment while elevating the nation’s economic status to that of upper-middle-income economies.

To ensure the realization of these goals, the strategy is to implement them effectively through six consecutive 5-Year Medium-Term National Development Plans and Annual Budgets.

Moreover, the Nigeria Economic Summit will delve into a variety of pertinent themes, with a focus on stimulating economic growth and mobilizing finance for sustainable development. Discussions will also encompass harnessing human capital development, promoting national cohesion and inclusion, and reforming public institutions, among other crucial topics.

Sen. Bagudu pointed out that these sub-themes are intricately connected to the National Development Plan 2021-2025, Nigeria Agenda 2050, and the Renewed Hope Agenda, reflecting the government’s comprehensive and integrated approach.

Furthermore, the minister underscored that the “renewed hope agenda” and the eight priority areas identified by the current administration are strategically designed to expedite the objectives of the “Nigeria Agenda 2050.” He also highlighted the “NDP 2021-2025” with its primary focus on achieving double-digit growth rates and fostering inclusive development.