Nigeria needs around $100 billion to properly realize its 2050 agenda, according to the country’s Minister of Budget and Economic Planning, Sen. Atiku Bagudu. The minister also noted that 80% of the funds are expected to come from the private sector.
Nigeria’s 2050 agenda requires approximately $100 billion, with 80% expected from the private sector.The Nigeria Agenda 2050 aims for a 7% real GDP growth, 165 million new jobs, and a per capita income of $33,328 by 2050.Minister Bagudu emphasizes a plan-based approach, citing the 2024 budget as a means to instill confidence in the private sector.
According to a report by the Nigerian newspaper, The Punch, the minister had announced the budgetary plans while speaking on the 2024 budget at the KPMG Arise TV Budget Day program.
He laid a huge emphasis on the role the private sector via private capital is charged to play in ensuring that the country’s future experiences more economic growth than it had in the past.
“It’s essential to emphasize a plan-based approach. The 2024 budget represents a budget of restoration; it is this restoration that will instill confidence in the private sector, encouraging them to invest,” Sen. Atiku Bagudu, stated.
“We need to deal with food insecurity, eradicate poverty, provide access to capital, and enhance transparency, accountability, and rule of law. It is also important we make choices better than what has been made before,” the minister added.
2050 Agenda
In May 2023, the then-president of Nigeria, Muhammadu Buhari launched the Nigeria Agenda 2050 which is intent on increasing real Gross Domestic Product growth by 7% and establishing at least 165 million new jobs across the country.
Additionally, the Agenda aims to increase per capita income of Nigeria to 33,328 dollars per annum which would put the West African giants amongst the world’s top economies by 2050.
“The NA 2050 is the long-term economic transformation blueprint of Nigeria to address the afore-mentioned developmental challenges and become an upper middle-income country, with an average real GDP growth rate of 7 percent, nominal GDP of US$11.7 trillion by 2050, and an end period per capita income of US$33,328 per annum,” as seen in the document issued by Nigeria’s Ministry of Budget and Economic Planning.
“The purpose of this perspective plan is to fully engage all resources to achieve inclusive growth, reduce poverty, achieve social and economic stability, create a sustainable environment that is consistent with global concerns about climate change, and generate opportunities for all Nigerians to fully develop their potential. The country can achieve these laudable objectives by effectively engaging its youthful and vibrant workforce,” the document adds.