Bagudu: Nigeria eyes $1trn Economy via Inclusive 2026 Plan
By Patience Ikpeme
The Federal Government has set its sights on a massive economic transformation, with the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, declaring that the administration is finalizing the 2026 National Development Plan to steer Nigeria toward a $1 trillion economy.
Speaking on Tuesday in Abuja at the inaugural Annual Advocacy Lecture of the Nathaniel Atebije Foundation for Planning Advocacy, the Minister explained that the drive for this ambitious financial milestone relies on a complete departure from outdated strategies.
He noted that President Bola Tinubu is focused on a model of growth that is inclusive, sustainable, and driven by modern innovation. “Nigeria is not where we want to be, but we are determined to move forward with clear choices and a shared vision to unite all Nigerians towards achieving a $1 trillion economy,” the Minister said.
Senator Bagudu pointed out that reaching such a significant economic height within the next five years is not a task for the government alone. He called for a united front involving intellectuals, professionals, and various stakeholders to ensure the vision translates into reality.
“This goal cannot be achieved in isolation. It requires deep thought, collaboration, and contributions from all sectors of our society,” he added.
Central to this new economic roadmap is the integration of physical and environmental planning with financial policy.
The Minister suggested that the nation’s stability is closely tied to how it manages its land and resources. He linked many of the country’s ongoing social frictions, such as clashes between farmers and herders, to systemic failures in land-use planning.
“Many of the conflicts we face today stem from how we use land and space. Poor planning breeds tension, while good planning fosters peace and prosperity,” Bagudu observed, noting that “Planning is not just about land or infrastructure; it is about people and how they live together.”
Bagudu urged Nigerians to move past historical grievances and focus on the practical requirements of the future. He stated that the success of the Renewed Hope Agenda depends on collective action and the ability to adapt to a rapidly changing global landscape.
“Development must include everyone, it must be sustainable over time, and it must embrace innovation, because what worked yesterday may not work today,” he told the gathering. “Rather than spend all our energy debating the past, we must focus on what unites us and drives collective action for the future.”
Beyond federal initiatives, the Minister identified intergovernmental synergy as a non-negotiable requirement for progress. He noted that for planning to be effective on the ground, there must be a seamless link between the federal, state, and local government tiers.
“Development is a shared responsibility. Federal, state, and local governments must collaborate to ensure planning is inclusive and effective,” he said.
As Nigeria grapples with a surging population and the fast-paced evolution of technology, Senator Bagudu warned that traditional methods are no longer sufficient. He advocated for more intelligent and proactive management of the nation’s physical and economic spaces to ensure long-term stability.
“As our population grows and technology reshapes our world, we must plan more intelligently and proactively to meet emerging demands,” the Minister noted. “If we get our planning right—by being inclusive, sustainable, and innovative—we will create opportunities for all Nigerians and build a more prosperous and united nation.”
