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UPDATE: FG Targets 0.6% Poverty Rate, 6.3% Unemployment Rate

By 2030 and 2050, the Federal Government claims it will lower the unemployment rate to 6.3% and the poverty rate to 0.6%, respectively.

This was said by Sen. Atiku Bagudu, Minister of Budget and Economic Planning, on Thursday in Abuja during a news conference for the 29th Nigerian Economic Summit (#NES29).

The #NES29 conference, to be held on October 23 and 24, will have as its theme “Pathways to Sustainable Economic Transformation and Inclusion” at the Transcorp Hilton in Abuja.

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Bagudu claimed that the topic was chosen to raise awareness of the need to restructure the country’s economy while preserving inclusivity.

He stated that there would be five sub-themes discussed in relation to the main issue, including promoting economic growth and raising money for sustainable development.

They also involve, among other things, restructuring public institutions, fostering national cohesion, and utilising the development of human capital.

The sub-themes, according to Bagudu, would cover pertinent pillars in the Nigeria Agenda 2050, the Renewed Hope Agenda, and the National Development Plan (NDP) 2021–2025.

“The main target of the Nigeria Agenda 2050 is to increase the country’s per capita GDP to 6,000 dollars and 33,000 dollars by 2030 and 2050, respectively.

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“It will also bring the poverty rate to 0.6 per cent and unemployment rate to 6.3 per cent while transiting the economy to the highest per capita GDP in the group of upper-middle-income economies.

“The plan will be effectively implemented by successive governments through six number 5-Year Medium-Term National Development Plans and Annual Budgets,” he said.

The present administration’s eight priority areas and the Renewed Hope agenda, according to the minister, are intended to advance the Nigeria Agenda 2050 objectives quickly.

“The ministry is in the process of conducting the mid-term review of the NDP 2021-2025 with the purpose of fine-tuning the plan and ensuring that the renewed hope agenda of the current government is incorporated into the NDP 2021-2025.

“The Ministry will welcome innovative ideas from the stakeholders at the summit to ensure its effective integration into the NDP 2021-2025,” Bagudu said.

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According to him, the success of the summit would depend on the intentional and active participation of all significant players.

He lists the federal government, local governments, businesses in the private sector, groups from civil society, the media, and organisations that work on international development as stakeholders.

The minister applauded the efforts and dedication of the numerous corporate groups and governmental agencies in organising the conference effectively.

The Federal Ministry of Budget and Economic Planning and the Nigerian Economic Summit Group (NESG) organise NES every year, according to the News Agency of Nigeria (NAN).

 

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