FG Aims to Reduce Poverty Rate to 0.6%, Unemployment Rate to 6.3% 

By Adekke Chukwuka

The Federal Government aims to decrease poverty rate to 0.6% and unemployment rate to 6.3% by 2030 and 2050, as stated by the Minister of Budget and Economic Planning, Sen. Atiku Bagudu, during a news briefing for the 29th Nigerian Economic Summit (#NES29) in Abuja.

The summit’s theme is “Pathways to Sustainable Economic Transformation and Inclusion” and is scheduled for October 23 to October 24 at the Transcorp Hilton, Abuja.

The Minister, Sen. Atiku Bagudu, explained that the chosen theme aims to discuss economic transformation with inclusivity. The discussions will focus on stimulating economic growth, mobilizing finance, human capital development, national cohesion, and reforming institutions.

These sub-themes align with the National Development Plan (NDP) 2021–2025, the Nigeria Agenda 2050, and the Renewed Hope Agenda.

The Nigeria Agenda 2050 aims to raise per capita GDP to $6,000 by 2030 and $33,000 by 2050. The plan targets reducing poverty to 0.6% and unemployment to 6.3%. Implementation will occur through five-year medium-term national development plans and annual budgets.

The minister highlighted that the Renewed Hope Agenda and the government’s eight priority areas align with the goals of the Nigeria Agenda 2050 and the NDP 2021-2025, focusing on double-digit growth and inclusive development.

 The ministry is conducting a mid-term review of the NDP 2021-2025, aiming to incorporate the current government’s agenda. Stakeholder input from the summit will be welcomed for effective integration into the plan.

The success of the summit relies on active participation from critical stakeholders, including federal and sub-national governments, private sector, civil society organizations, the media, and development partners.

The Minister appreciated contributions from corporate organizations and government institutions. The Chairman of NESG emphasized the need for inclusive industrialization to address social issues, reduce poverty, and tackle challenges like low productivity, unemployment, and income inequality in the country.

Chairman Olaniyi Yusuf highlighted the challenge of translating economic growth into improved living standards for all citizens in Nigeria. Despite growth, the country faces rising unemployment, income disparity, and multidimensional poverty. Approximately 62.9% of the population, equivalent to 133 million people, live in multidimensional poverty. 

Yusuf emphasized the potential of the youthful population for national development through entrepreneurship and innovation. He urged leveraging technology and innovation to create jobs and foster economic progress.

The NESG aims to enhance entrepreneurship, skills, and innovation, emphasizing sub-national and local governments’ role in economic growth.

The summit’s goal is to create a more inclusive, sustainable, and equitable economy by fostering collaboration and promoting good governance at all government levels.

The summit is organized annually by the Federal Ministry of Budget and Economic Planning and the Nigerian Economic Summit Group (NESG).