Nigeria to Become Top Middle Income Economy By 2050, Says Buhari.

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The Nigeria Agenda 2050 was officially unveiled on Wednesday in Abuja, with the statement that its implementation will “ensure that Nigeria attains a per capita GDP of $33,328 per annum to place her among the top middle-income economies globally by 2050.”

According to Buhari, the plan will also boost real GDP growth by 7%, generate 165 million new employment, and bring down the predicted 83 million poverty rates in Nigeria to 2.1 million by 2050.

The National Medium-Term Plan, the first of the six number five-year medium-term plans released on December 22, 2021, is informative to inform Council and indeed all Nigerians.  The plan would address the country’s subsisting economic and social challenges, including low, fragile and non-inclusive growth, insecurity, high population growth rate, limited concentric economic diversification and low productivity.

Under the plan, the bulk of the investment is expected to be financed by the private sector, while total employment is expected to rise to 203.41 million in 2050 from 46.49 million in 2020. “This implies that unemployment will drop significantly to 6.3 per cent in 2050 from 33.3 per cent in 2020. The corollary is that the number of people in poverty will drop to 2.1 per cent by 2050 from 83 million in 2020,” Ahmed said.


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