Fed Govt targets $12tr GDP by 2050

The Federal Government is targeting to grow Nigeria’s real Gross Domestic Product (GDP) to $12 trillion by 2050.

Between now and 2050, the government has plans to grow per capita income to $33,000 per annum.

Per capita income is a measure of the amount of money earned per person in a nation. Per capita income is used to determine the average per-person income for an area and also used to evaluate the standard of living and quality of life of the population.

Minister of Finance, Budget and National Planning Mrs. Zainab Ahmed made these disclosures in Abuja at the launch of the National Plan on Financing Safe Schools.

These targets, she said, are contained in the government’s development agenda- ‘Agenda 2050’ which is being prepared for launch.

According to Ahmed, the development agenda also known as the development plan, “focuses on achieving inclusive growth through the implementation of the long-term economic transformation blueprint aimed at mitigating our current developmental challenges and attaining the upper middle-income country status”.

The development plan, she revealed, is targeting “an average real GDP growth rate of 7 percent, a GDP of about US$12 trillion by 2050, and an end period per capita income of US$33,000 per annum”.

These lofty targets, she said, “can only be actualized if all critical stakeholders collaboratively create safer teaching and learning environments across Nigeria via critical intervention investments as captured in the validated costed plans of action”.

The Finance Minister added “investments in a critical component of human capital such as education would result in a huge impact on the economic growth and welfare of Nigerians.

Ahmed pledged the government’s commitment to facilitate adequate funding in protecting education from attacks. These commitments she said dovetailed into the development of the National Plan.

Some of the stakeholders were drawn from the Federal Ministry of Education; Nigeria Police Force; Nigerian Security and Civil Defense Corps (NSCDC); Department of State Security (DSS); Defense Headquarters (Army, Navy and Air Force).

There were inputs from the 36 States and Federal Capital Territory; Ministries of Education, Finance and Budget, development partners; donor agencies and civil society organisations.