The House of Representatives on Wednesday debated the general principles of a bill seeking to establish a 50-year national economic plan for Nigeria.
The proposed legislation, which aims to cover the period 2026 to 2076, was discussed at a plenary session presided over by the Deputy Speaker, Benjamin Kalu.
Leading the debate, the sponsor of the bill, Amobi Ogah, lamented Nigeria’s poor track record in implementing development plans, noting that the proposed law would provide a legal framework to ensure continuity.
He said, “A 50-year national economic plan for Nigeria 2026–2076 represents a bold and transformative legislative initiative aimed at addressing one of the country’s persistent development challenges—policy inconsistency and short-term economic planning.
“The proposed bill seeks to establish a legally binding, long-term economic framework that will guide national development across successive administrations.”
Ogah explained that the bill is designed to institutionalise continuity, coordination, and accountability in economic planning.
“By institutionalising continuity, coordination and accountability, the bill is designed to reposition Nigeria’s economy for sustainable growth and global competitiveness,” he added.
He noted that Nigeria has historically developed ambitious plans such as Vision 2010, Vision 20:2020, and the Economic Recovery and Growth Plan, but has struggled with implementation.
According to him, frequent policy changes, weak institutions, and lack of legal backing have led to abandoned projects and inefficient use of public resources.
Highlighting the need for reform, Ogah said, “These structural deficiencies have hindered long-term economic transformation, leaving the country vulnerable to external shocks, particularly fluctuations in global oil prices.”
He added that the proposed plan would provide a stable and predictable economic direction, with one of its key benefits being the promotion of macroeconomic stability.
“A long-term plan enables the government to articulate clear fiscal and monetary priorities, thereby reducing uncertainty and volatility,” he said.
The lawmaker further argued that policy stability is critical for attracting investment, particularly in capital-intensive sectors.
“Stability in economic policy is essential for maintaining investor confidence, managing inflation and ensuring sustainable growth.
“By anchoring economic decisions within a long-term framework, Nigeria can better withstand external shocks and maintain steady progress.
“A legally binding 50-year plan sends a strong signal of policy credibility and commitment, thereby reducing investment risk and attracting capital inflows,” he stated.
Drawing from international experience, Ogah said the bill aligns with global best practices.
“Countries such as South Africa, Rwanda and Botswana have adopted long-term development plans. At the continental level, the African Union’s Agenda 2063 provides a shared vision for development,” he said.
He added that the bill seeks to promote economic diversification, strengthen institutional coordination, and provide legal backing for implementation, monitoring, and evaluation.
In his contribution, the House Leader, Prof. Julius Ihonvbere, urged his colleagues to support the bill.
He said, “This is not even about the annual budget but a framework to reposition planning through discipline. This way, any party in power will not deviate from it.”
Similarly, a lawmaker from Plateau State, Yusuf Gagdi, linked Nigeria’s past economic progress to structured planning.
According to him, Nigeria recorded significant growth during the administration of General Yakubu Gowon through the implementation of National Development Plans.
“We started having problems when we abandoned agriculture for something else,” he said.
The bill is expected to return to the floor of the House for its third and final reading before being transmitted to the Senate for concurrence.
