Minister: FG targets 0.6% poverty reduction by 2050 | Per capita GDP to hit $33,000

Atiku Bagudu, minister of budget and economic planning, says the federal government has plans to reduce the poverty rate in the country to 0.6 percent.

Bagudu, who spoke on Thursday at a news briefing organised in preparation for the 29th Nigerian economic summit (#NES29), said the government also intends to reduce the unemployment rate to 6.3 percent.

The theme of the #NES29 scheduled to hold in Abuja on October 23 is “Pathways to sustainable economic transformation and inclusion”.

Bagudu said discussions around the theme would be on five sub-themes —  stimulating economic growth, mobilising finance for sustainable development, harnessing human capital development, promoting national cohesion inclusion and reforming public institutions.

He said the sub-themes would address relevant pillars in the national development plan (NDP) 2021-2025, the Nigeria agenda 2050 and the renewed hope agenda.

“The main target of the Nigeria agenda 2050 is to increase the country’s per capita GDP to $6,000 and $33,000 by 2030 and 2050 respectively,” NAN quoted the minister as saying.

“It will also bring the poverty rate to 0.6 percent and unemployment rate to 6.3 percent, 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.

“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.”

Olaniyi Yusuf, NESG chairman, said the objective of the summit is to promote development in the country.

“In the face of a rapidly changing global economic landscape and increasing inequalities, a strategy for sustained growth must ensure a form of industrialisation that makes opportunities accessible to all people and broadly distributes income and non-income gains across society,” Yusuf said.

“Our inability to fully integrate solutions to social issues into targeted industrial and economic policies undermines the developmental potential of our country, thus widening income inequality gaps.

“While there has been a broad decline in poverty worldwide, both extreme and moderate poverty remain and continue to increase in our country.

“Low productivity, inadequately diversified local economic activity, high unemployment rates and job insecurity remain a challenge for our country.”