Situation Analysis

Nigeria is blessed with abundant natural and human resources and the increased in technological innovation with fast growing urbanization has continued to put pressure on the Nigeria’s infrastructure system.

With a population of over 200 million people and an estimated Gross Domestic Product (GDP) in Nigeria was worth 432.30 billion US dollars in 2020, according to World Bank. The GDP value of Nigeria represents 0.38 percent of the world economy. While the Nigeria Gross National Product (GNP) was reported at 416.521 USD bn in Dec 2020. This records a decrease from the previous number of 433.449 USD bn for Dec 2019.

Since 1946, economic plans were introduced but not very successful. After the blueprints were drawn, implementing these strategies can be difficult. In 1996, at the time of the Vision 2010 was being made it was clear that after 36 years of independence; the economic and political performance of the country was far below its potential and the expectation of Nigerians.

Later in 2009, Nigerian government embarked on Vision 20:2020. Realising its inability to meet Vision 20:2020 goals years after the country embarked on an ambitious agenda to be among the top 20 economies in terms of GDP size. In 2020, President Muhammadu Buhari, in Abuja inaugurated National Steering Committee to oversee and actualise Nigeria Agenda 2050 and Medium-Term National Development Plan (MTNDP).

The Plan

Vision 2050 is being promoted by a Federal Government, FG, which is obviously bereft of ideas and which has failed to fulfil every economic promise made since 2015. The plan was to make efficient use of human and natural resources to achieve rapid economic growth; and to translate economic growth into equitable social development for all citizens.

Strategic Themes and Pillars

The strategies to achieve the Vision 20:2050 objectives are: Urgently addressing major constraints to Nigeria’s growth and competitiveness, such as epileptic power supply, weak infrastructure, and institutions among others; aggressively pursuing a structural transformation of the economy from mono-product to a diversified and industrialised economy.

Strategic Risks and Opportunities

‘Agenda 2050’ has among other goals, the lifting of 100 million Nigerians out of poverty within the next ten years – that is by the year 2030 when the country’s population is expected to be 260 million and the ratio of the poor will stand at 25%. This will be an improvement on the present situation whereby over 90 out of the 200 million Nigerians, comprising 45% live below the poverty line.

Implementation Plan

In order to actualize the Nigeria Agenda 2050, there must be:

Improved Manufacturing & Reduce Unemployment
Tackle Insecurity
Economic Diversification
Improved Power Supply
Adequate Infrastructure
Transparency & Accountability in Governance
Poverty Alleviation

Improved Manufacturing & Reduce Unemployment

With a gross domestic product projected at 399 million people and $3.3 trillion by 2050, the gulf between the reality of Africa’s largest economy and its undisputed potential remains wide—but achievable. By driving agriculture and agro-based industries, technology and innovation, solid minerals, and our vibrant creative sector, Nigeria will harness the energies of our entrepreneurial youth to deliver the promise of our future.

Tackle Insecurity

Insecurity challenges in Nigeria is rapidly stagnating the development and progress of her core productive and sensitive sectors. Development, political instability and insecurity can never coexist. The Nigerian military should be empowered with more sophisticated weapons to fight this insurgency. Government should beef up security in all parts of the country to curb the menace of insecurity.

Economic Diversification

Economic diversification is critical for a country’s long-term economic growth. With a highly uncertain outlook for global oil demand. As much as it is a crisis, the COVID-19 pandemic is also an opportunity to foster diversification of the economy that is long overdue. Economic diversification entails not just a transition away from reliance on a few commodities, but also structural transformation, as seen by improved productivity, growth, and development. It facilitates the diversification of factors of production, trade and revenue through various dimensions.

Improved Power Supply

The Nigerian power sector will require significantly more investment to achieve reliable power supply. Industry operators estimate that the country will require as much as $100 billion in investment over the next 20 years to main current service. Self-generation for power remains widespread, which significantly increases costs of doing business. We need to devolve our centralised power system and allow the states, private sector and even communities to own power grids and give jobs to our teeming youth.

Adequate infrastructure

Inadequate infrastructure, such as a lack of proper transportation and frequent power outages, makes it difficult for firms, particularly in the industrial sector, to thrive. Inadequate infrastructure raises the cost of producing and processing products, potentially leading to a rise in commodity prices. Therefore, there is urgent need for rapid improvement in the Nigerian infrastructure to avert impending dangers. Vision 2050 will be a mirage unless the present government ensures tremendously rapid improvements in infrastructure.

Transparency & Accountability in Governance

Nigeria was identified as a multi-ethnic society, with a value system that derives from the diversity of its people and their different behaviour, religions and cultures. Transparency and accountability constitute the panacea for sustainable democracy in forward looking nations of the world. In all, Nigeria’s quest for good governance will become a reality when transparency and accountability become the watchwords of all public Office holders. Nigerians’ needs more potent tool to hold their government accountable.

Poverty Alleviation

Due to the endemic nature of poverty in a country as Nigeria, its alleviation is a mission that demands fundamental restructuring of the economic, political and social conditions of the society. This is where the government needs to build confidence in itself, through the institution of good governance practices such as the enthronement of the rule of law, along with transparency and accountability in governance. Such provide the only guarantee for actualization of the lofty goals of ‘Agenda 2050’.