Nigeria’s National Economic Council has endorsed a comprehensive five-year development framework designed to accelerate the country’s journey toward achieving a $1 trillion economy by 2030, marking a significant milestone in the nation’s economic transformation agenda.
The Renewed Hope Development Plan (2026-2030), approved during the 151st NEC meeting chaired by Vice President Kashim Shettima, represents a strategic consolidation of ongoing economic reforms while establishing clear pathways for sustainable growth. The initiative builds upon existing policies while aligning with Nigeria’s long-term vision outlined in the Nigeria Agenda 2050.
According to government projections, the plan will adopt a participatory approach involving multiple stakeholders across federal, state, and local government levels, alongside private sector actors and civil society organizations. This collaborative framework aims to ensure inclusive economic development while maximizing resource utilization across all sectors.
The economic implications are substantial, with the plan expected to generate significant employment opportunities while strengthening Nigeria’s position as Africa’s largest economy. Current economic indicators show Nigeria’s GDP at N49.34 trillion, with the digital economy alone contributing approximately N7 trillion in the first quarter of 2025.
“This plan represents a bridge between lessons learned and ambitions pursued,” stated Vice President Shettima during the council meeting. “We are building a practical roadmap that will translate our economic potential into measurable outcomes for Nigerian citizens.”
The development plan will complement existing initiatives, including the acceleration of local solar-powered irrigation pump production through NASENI, which aims to reduce farmers’ energy costs while expanding agricultural productivity during dry seasons. This technological advancement supports the broader objective of achieving food security while creating rural employment opportunities.
Financial preparations for the plan’s implementation are already underway, with current national reserves showing Excess Crude Account at $535,823.39, Stabilization Account at N78.45 billion, and Natural Resources Account at N106.73 billion. These reserves will provide crucial funding support for various development initiatives outlined in the strategic framework.
The plan’s timeline targets completion by December 2025, enabling government ministries to derive their 2026 budgets from the new development framework, ensuring seamless integration of planning and execution processes across all sectors of the economy.
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