Business

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

Published

3 years ago

February 14, 2023

…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.

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.

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.

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.

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.

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.

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

“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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Business

Again, Dangote Refinery Hikes Fuel Price

Published

2 weeks ago

May 6, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75, bringing the price up to N1,350 per litre from the previous price of N1,275.

This is the first fuel increase by the Refinery in the month of May.

This latest development is coming seven days after the refinery raised its ex-depot price from N1,200 to N1,275 per litre.

Recall that the refinery on April 29 increased the ex-depot price of petrol by N75.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

2 weeks ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

2 weeks ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.