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National Economic Council Approves Nigeria Agenda 2050, Projects 163 Million New Jobs, 7% Real GDP Growth

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…as Osinbajo inaugurates Steering Committee on NDP 2021 – 2025

The National Economic Council on Thursday, in Abuja, endorsed the Nigeria Agenda 2050; a plan aimed at increasing real Gross Domestic Product growth by seven per cent, creating 165 million new jobs and reducing the number of people living in poverty to 2.1 million in 2050, from the 83 million people estimated in 2020.

This comes 29 months after the President, Major General Muhammadu Buhari (retd.), launched the National Steering Committee for the preparation of the Medium-Term National Development Plan 2021 – 2025 and Nigeria Agenda 2050.

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Its overarching goal is to take Nigeria through to an Upper Middle-Income Country and subsequently to the status of a High-Income country.

The council approved the agenda after its emergency session and first meeting in 2023 presided over by Vice President Yemi Osinbajo, SAN, after it was presented by the Ministry of Finance, Budget and National Planning to State Governors and other members of the NEC.

READ ALSO: Buhari Bars Govt Officials From Using Private Emails

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The Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, revealed this in a statement signed late Tuesda, titled ‘National Economic Council endorses Nigeria Agenda 2050’.

Speaking after the presentation and discussion by Council members, Osinbajo observed that the plan “captures a lot of the expectations for Nigeria in the future and hopefully implementation which is key if effectively done.”

The Minister of State for Budget and National Planning, Clem Agba, said the Federal Government had taken unprecedented steps in ensuring the operationalisation of the plan, especially with the inauguration of the Steering Committee of the National Development Plan by the VP.

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Earlier on Tuesday, Osinbajo had unveiled the Steering Committee of the National Development Plan 2021 – 2025.

According to him, the Steering Committee will “provide the necessary policy guidance and leadership for effective and successful implementation of the plan.”

The launching comes 14 months after the President unveiled the National Development Plan on December 22, 2021.

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About two years earlier, on September 9, 2020, Buhari unveiled the National Steering Committee for the preparation of the Medium-Term National Development Plan 2021 – 2025 and Nigeria Agenda 2050.

The Nigeria Agenda 2050 is formulated against the backdrop of several subsisting development challenges in the country.

They include low, fragile and non-inclusive economic growth; high population growth rate, pervasive insecurity, limited diversification, macroeconomic and social instability, low productivity and high import dependence.

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The plan targets Nigeria’s long-term ambition to improve its per capita Gross Domestic Product from about US$2,084.05 in 2020 to US$6,223.23 in 2030 and US$33,328.02 in 2050, with rapid and sustained economic growth, job creation and poverty reduction.

READ ALSO: Cashless Policy: CBN Lists Next Moves

It also “projects annual average real GDP growth of 7.0 per cent.”

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“The real growth rate of the GDP of the first medium-term NDP 2021-2025 on average will be 4.65 per cent and this will increase to 8.01 per cent in the second NDP; subsequently, it is expected to increase to 8.43 per cent in the third.

“Consequently, the number of full time jobs created will be roughly 165 million during the Agenda period to spur poverty reduction.

“The number of people in poverty will decline from the roughly 83 million in 2020 to about 47.8 million in 2025 and to 2.1 million by 2050, thus taking a significant segment of the population out of poverty,” the statement read.
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JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

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Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

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The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price

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The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

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Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

READ ALSO:Dangote Stops Petrol Sale In Naira, Gives Condition For Resumption

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

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He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

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His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

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Naira Appreciates At Official Market

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The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

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This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market

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On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

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BREAKING: Again, Dangote Refinery Cuts Petrol Price

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The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

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Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

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A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

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