The Nigerian Government said it is working on implementing the Vision 2050 report soon as a replacement for the Vision 2020 agenda, which expired two years ago.
This was disclosed by the Finance Minister, Zainab Ahmed, at the 28th Nigerian Economic Summit (NES) on Monday in Abuja.
Ahmed noted that Nigeria Agenda 2050, seeks to increase the country’s per capita Gross Domestic Product (GDP) to $33,000, adding the FG is finalizing the “Nigeria Agenda 2050” to succeed Vision 2020,” after founding the National Development Plan (NDP).
She also noted that Nigeria is currently in the second year of its National Development Plan (NDP), 2021- 2025, which replaced the Economic Recovery and Growth Plan (ERGP), 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 FG chose to prioritize the roads, rail, agriculture, health and education to strengthen the Nigerian economy post-COVID-19 pandemic. He added that resources were being mobilised with less emphasis on oil revenues.
Ahmed also noted that financing of the NDP 2021-2025 would rely heavily on domestic resource mobilisation from non-oil revenue sources through the results of 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 90s planned to make Nigeria one of the 20 largest economies in the world, able to consolidate its leadership role in Africa and establish itself as a significant player in the global economic and political arena, by achieving a GDP per capita of $10,000
SOURCE: NAIRAMETRICS
