Government & Politics

Nigeria’s Ambitious Goals: FG Aims to Reduce Poverty to 0.6% and Unemployment to 6.3% by 2050

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In a significant announcement made by the Federal Government of Nigeria, they have set ambitious targets to combat poverty and unemployment in the nation. The Minister of Budget and Economic Planning, Sen. Atiku Bagudu, unveiled these goals at a news briefing in Abuja ahead of the 29th Nigerian Economic Summit.

The government’s vision is crystal clear – they aim to reduce the poverty rate to an astonishingly low 0.6% and lower the unemployment rate to 6.3% by the year 2050 as part of their agenda. This bold move is aligned with their commitment to fostering sustainable economic transformation and greater inclusion in the country.

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The 29th Nigerian Economic Summit, themed “Pathways to Sustainable Economic Transformation and Inclusion,” is scheduled to take place from October 23 to 24 at the prestigious Transcorp Hilton, Abuja. The choice of this theme reflects the government’s determination to address the critical imperatives required to transform Nigeria’s economy while ensuring that the benefits of this transformation are felt by all segments of society.

The discussions during the summit will revolve around five key sub-themes:


  1. Stimulating Economic Growth and Mobilizing Finance for Sustainable Development: This sub-theme will explore strategies to boost economic growth and secure the necessary financial resources to sustain it.
  2. Harnessing Human Capital Development: Investing in the development of the country’s human capital is crucial for long-term prosperity, and this sub-theme aims to chart a course in that direction.
  3. Promoting National Cohesion Inclusion: Building a cohesive and inclusive society is essential, and this sub-theme will examine strategies for achieving this goal.
  4. Reforming Public Institutions: To support economic growth and development, public institutions must be efficient and accountable. This sub-theme will explore necessary reforms.
  5. Addressing Development Plans: All these sub-themes are in alignment with key pillars in the National Development Plan 2021-2025, the Nigeria Agenda 2050, and the Renewed Hope Agenda.

These ambitious targets and the comprehensive approach to achieving them underscore the Nigerian government’s commitment to sustainable development and ensuring that no one is left behind in the process.

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As Nigeria aims to transform its economy and reduce poverty and unemployment to historic lows, the world will be watching closely to see how these objectives are pursued and achieved in the coming decades.

Source: Punch Newspaper

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