Media Talk Africa: Latest Headlines in Politics, Business, Sports, and More

The Federal Government says it targets to scale back the poverty rate to 0.6 per cent and the unemployment rate to six.3 per cent by 2030 and 2050 agenda.

The Minister of Budget and Economic Planning, Atiku Bagudu, mentioned this at a information briefing for the twenty ninth Nigerian Economic Summit, #NES29, in Abuja on Thursday.

The theme of the #NES29 scheduled for Oct. 23 to Oct. 24 on the Transcorp Hilton, Abuja is “Pathways to Sustainable Economic Transformation and Inclusion”.

Mr Bagudu mentioned that the theme was chosen to debate the imperatives for reworking the nation’s financial system whereas making certain inclusivity.

He mentioned that the discussions across the theme could be on 5 sub-themes; specifically, stimulating financial progress and mobilizing finance for sustainable improvement.

They additionally embody harnessing human capital improvement, selling nationwide cohesion inclusion and reforming public establishments, amongst others.

Mr Bagudu mentioned that the sub-themes would handle related pillars within 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 dollars and 33,000 dollars by 2030 and 2050 respectively.

“It will also bring the 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 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,” he mentioned.

The minister mentioned that the renewed hope agenda and eight precedence areas of the present administration had been aimed toward fast-tracking the objectives of the Nigeria Agenda 2050

Also, the NDP 2021-2025 with a double-digit progress rate and inclusive improvement.

“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,” Bagudu mentioned.

He mentioned that the success of the summit would rely on the energetic and deliberate participation of all crucial stakeholders.

The stakeholders, based on him embody the federal authorities, sub-national authorities, non-public sector operators, civil society organisations, the media and improvement companions,” Bagudu mentioned.

The minister counseled the contributions and commitments of the assorted company organisations and authorities establishments in the direction of the profitable internet hosting of the summit.

The Chairman of the Nigerian Economic Summit Group (NESG) Mr Olaniyi Yusuf, mentioned their goal was to advertise improvement within the nation.

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

“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,” he mentioned.

Mr Yusuf mentioned that the nation’s urgent concern was the necessity to translate financial progress into improved residing requirements for all its residents.

“In spite of experiencing growth at an average rate over the past years, the country grapples with rising unemployment, income disparity, and multidimensional poverty.

“These challenges are worsened by an uneven allocation of resources, macroeconomic instability, and institutional deficiencies.

“Data from the National Bureau of Statistics (NBS) in 2022 revealed that approximately 62.9 per cent of the population (i.e., 133 million people) live in multidimensional poverty, threatening the development of a vibrant middle class,” he mentioned

Mr Yusuf mentioned that the nation’s youthful inhabitants introduced an amazing alternative for accelerating nationwide improvement via entrepreneurship and innovation.

He mentioned: “With a large pool of creative and ambitious young minds, the country has the potential to foster a vibrant start-up ecosystem and drive economic growth.

“By leveraging technology and innovation, these creative minds can introduce disruptive solutions, create jobs, and contribute to the overall progress of the Nigerian economy,” he mentioned.

The chairman mentioned that 2023 introduced one other alternative to reveal a powerful political will to deal with Nigeria’s socio-economic challenges.

“ Hence, the NESG aims to focus on enhancing the role of entrepreneurship, skills and innovation, as well as sub-national and local governments, as drivers of economic growth and development.

“The ultimate objective is to foster the creation of a more inclusive, sustainable, and equitable economy.

“The summit aims to foster collaboration among key stakeholders from diverse sectors and devise effective strategies to promote good governance at all levels of government,” he mentioned.

The NES was organized yearly by the Federal Ministry of Budget and Economic Planning and the Nigerian Economic Summit Group, NESG.

NAN