Nigeria Eyes Over 6% Unemployment Rate, Economic Growth

By 2050, the Federal Government hopes to achieve a 6.3% unemployment rate, 7% economic growth, and a 0.3% poverty rate. Clem Agba, Minister of Budget and National Planning, announced this during a pre-National Economic Summit news conference in Abuja on Wednesday.

According to Agba, the present administration’s Nigeria Agenda 2050 aims to convert the country into an upper middle-income developing country with a per capita income of $33,000.

On the other side, he stated that the National Development Plan 2021-2025 aimed to unlock the country’s potential in all sectors of the economy in order to achieve sustainable, comprehensive, and inclusive national development. He stated that the Nigeria Agenda 2050 will be executed by a series of medium-term plans and annual budgets.

“The plan is meant to drastically bring 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 of the group of upper middle income economies,” he said.

He said sustained growth was key to eradication of poverty.

Concerning the Nigeria Economic Summit, which will be held on November 14 and 15 in Abuja, the Minister stated that the Federal Government, represented by the Federal Ministry of Budget and National Planning, had been organizing the annual Economic Summit for the past 27 years, noting that it had become a widely recognized platform for top policymakers and corporate leaders to interact and exchange ideas on contemporary issues.

He said the theme of this year’s summit was, “2023 and Beyond: Priorities for Shared Prosperity,” stressing that “it was carefully chosen to discuss priorities for post-2023 on policies and programmes encapsulated in the National Development Plan, 2021-2025 and Nigeria Agenda 2025.”

Chairman of NESG, Asue Ighodalo, said the summit was targeted at deliberating on critical issues bedeviling the country, with a view to proferring solutions.

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