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Tuesday, July 23, 2024

Federal Government Aims To Achieve A Poverty Rate Of 0.6% And An Unemployment Rate Of 6.3%

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The Federal Government has set ambitious targets to significantly reduce poverty and unemployment rates within the framework of the 2030 and 2050 agendas. This announcement was made by Senator Atiku Bagudu, the Minister of Budget and Economic Planning, during a press briefing ahead of the 29th Nigerian Economic Summit in Abuja.
The summit, themed “Pathways to Sustainable Economic Transformation and Inclusion,” is scheduled for October 23 to 24 at the Transcorp Hilton, Abuja. The choice of this theme reflects the imperative need to not only transform the nation’s economy but also ensure inclusivity in the process.
Bagudu outlined that the discussions at the summit would revolve around five sub-themes, including stimulating economic growth and mobilizing finance for sustainable development, harnessing human capital development, promoting national cohesion and inclusion, and reforming public institutions, among others. These sub-themes align with key pillars in the National Development Plan 2021-2025, the Nigeria Agenda 2050, and the Renewed Hope Agenda.
The Nigeria Agenda 2050’s primary objective is to elevate the country’s per capita GDP to $6,000 by 2030 and $33,000 by 2050. Simultaneously, it aims to reduce the poverty rate to 0.6% and the unemployment rate to 6.3%. This plan will be implemented effectively by successive governments through a series of Five-Year Medium-Term National Development Plans and Annual Budgets.
Furthermore, Bagudu highlighted that the current administration’s Renewed Hope Agenda and its eight priority areas are designed to expedite the attainment of the Nigeria Agenda 2050. The NDP 2021-2025, characterized by double-digit growth and inclusive development, is currently undergoing a mid-term review to incorporate the goals of the Renewed Hope Agenda.
The minister emphasized that the success of the summit depends on active and deliberate participation from critical stakeholders, including the Federal Government, sub-national governments, private sector entities, civil society organizations, the media, and development partners.
Lastly, Bagudu expressed his appreciation for the contributions and commitments of various corporate organizations and government institutions towards ensuring the successful hosting of the summit.

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