The Nigerian government has stated that the Vision 2050 report will be implemented soon to replace the Vision 2020 agenda, which expired two years ago.
The Finance Minister, Zainab Ahmed, made the announcement on Monday at the 28th Nigerian Economic Summit (NES) in Abuja.
Ahmed stated that Nigeria Agenda 2050 aims to raise the country’s per capita GDP to $33,000, and that the FG is finalizing the “Nigeria Agenda 2050” to succeed Vision 2020 after establishing the National Development Plan (NDP).
She also mentioned that Nigeria is in the second year of its National Development Plan (NDP) for 2021-2025, which replaced the Economic Recovery and Growth Plan (ERGP) for 2017-2020.
We are in the second year of the NDP, 2021-2025 with the private sector taking the lead. Although challenged by a shortfall in revenues, the government has kept its pact by prioritising capital releases in favour of ongoing critical infrastructural projects in power, roads, rail, agriculture, health and education sectors, she said.
The FG’s Priority
She explained that the Federal Government chose to prioritize roads, rail, agriculture, health, and education in order to strengthen the Nigerian economy following the COVID-19 pandemic. He went on to say that resources were being mobilized with less emphasis on oil revenues.
Ahmed also stated that the NDP 2021-2025 would be heavily reliant on domestic resource mobilization from non-oil revenue sources due to the Strategic Revenue Growth Initiative (SRGI) and Finance Acts.
This will improve and further diversify government revenues and entrench fiscal prudence and value for money, she said.
She urged further collaboration between the finance ministry and the NESG to enable regular dialogue and engagement between FG and the private sector.
What you should know
Nigeria’s Vision 2020, conceived in the 1990s, aimed to make the country one of the world’s 20 largest economies, capable of consolidating its leadership role in Africa and establishing itself as a significant player in the global economic and political arena, with a GDP per capita of $10,000.
