FG targets $6,000 per capita GDP by 2030
By Patience Ikpeme
The Nigerian federal government has announced its plans to raise the per capita Gross Domestic Product (GDP) of the country to $6,000 by 2030.
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, revealed the plan during a press conference of the 29th Nigeria Economic Summit.
The government’s plans also includes reducing the poverty rate to 0.6% and unemployment rate to 6.3%, while transitioning the economy to the highest per capita GDP in the Group of upper-middle income economies.
The government intends to execute this plan through six five-year national development plans and annual budgets.
The ministry is currently reviewing the NDP 2021-2025 plan to include the renewed hope agenda of the government.
The annual NES Summit provides a unique platform for consensus-building, identifying development challenges, and proposing solutions.
Chairman of the NESG Mr. Olaniyi Yusuf said Nigeria must prioritize inclusive industrialization to overcome its existing challenges, reduce poverty, and distribute the gains of growth equitably across its society.
According to him, “failure to effectively address social issues through targeted industrial and economic policies undermines the country’s developmental potential and widens income inequality gaps.”
“While poverty has declined globally, both extreme and moderate poverty persist and are on the rise in Nigeria. Challenges such as low productivity, limited economic diversification, high unemployment rates, and job insecurity continue to persist.”
“With a predominantly youthful population and a heavy debt burden, Nigeria must pursue intergenerational and sustainable growth. Recent years have seen the nation grapple with various economic and political challenges, underscoring the urgent need to reform systems and tackle structural issues.”
