FG Sets Out Roadmap to Achieve $1 Trillion Economy Target

By Eshioraneh Sebastian in Abuja

The National Economic Council (NEC) has formally endorsed a detailed roadmap designed to propel the nation toward its ambitious goal of becoming a $1 trillion economy by the year 2030.

The strategy, known as the Renewed Hope Development Plan (2026–2030), was unveiled during the Council’s 151st meeting, chaired by Vice President Kashim Shettima.

The new medium term plan is intended to succeed the current National Development Plan 2021–2025, which is set to expire at the end of this year. The Council emphasised the critical need for a seamless transition to prevent any policy vacuum and to build on the lessons learned from existing reforms.

Vice President Shettima stated that the plan represents a vital connection between past experiences and future goals, calling it “the bridge between lessons learnt and ambitions pursued.”

He further explained the plan’s strategic importance, noting, “The Renewed Hope Plan will consolidate ongoing reforms, deepen policy continuity, and align our medium-term strategies with the long-term horizon of Nigeria Agenda 2050. It’s a practical roadmap towards a $1 trillion economy by 2030.”

This alignment ensures that short-term policy actions are consistent with the country’s broader, decades-long development vision.

A key feature of the new plan emphasised by the Vice President is its inclusive nature. Unlike top-down approaches of the past, the Renewed Hope Plan will be developed through wide-ranging consultations with various stakeholders across the nation.

“What is even more crucial is that this plan will not be drawn from the ivory towers of Abuja alone,” Shettima said. “It will be participatory. We are going to keep on engaging state governments, local governments, organised private sector, civil society, labour, youth, and traditional institutions, and the conversation begins here today.”

The practical framework for creating the plan involves three dedicated governance structures: a National Steering Committee, a Central Working Group, and several Technical Working Groups. These bodies will be co-chaired by representatives from both the public and private sectors, ensuring a balanced perspective. State participation is also guaranteed, with one governor from each geo-political zone serving on the National Steering Committee, and planning directors from each state contributing to the technical teams.

The NEC, which comprises all 36 state governors, the Governor of the Central Bank of Nigeria, and other key government officials, unanimously approved the proposal. It commended the Federal Ministry of Budget and Economic Planning for initiating the process and urged all states and stakeholders to participate effectively to ensure the plan’s success and accelerate national growth.

In a related development, the Council also addressed urgent public health priorities. It reviewed a report from the NEC Ad-Hoc Committee on Polio Eradication, which showed encouraging progress in reducing cases of a circulating poliovirus variant.

Although cases have declined by 46% compared to the same period last year, the Council called for continued vigilance. To ensure a hitch-free national immunisation campaign scheduled for September, NEC directed the Accountant General of the Federation to expedite the release of necessary funds. It also urged partners to integrate technology into surveillance systems to strengthen Nigeria’s routine immunisation programme.

Shifting back to economic matters, the Council received an update on the nation’s key reserve accounts as of August 27th, 2025. The Excess Crude Account stands at $535,823.39, the Stabilisation Account at ₦78.45 billion, and the Natural Resources Account at ₦106.73 billion.

Throughout the meeting, Vice President Shettima reinforced the Council’s role as an active body focused on tangible results. “Distinguished colleagues, you have made sure that this Council is not a stage for applause. You are the reason it is a workshop for solutions,” he told members.

He concluded with a call to action, stating, “Let this 151st meeting echo as a continuation of our covenant. Let it be remembered not only for the issues tabled but for the resolve shown. Let it move from chamber to community, from rhetoric to result.”

The development of the Renewed Hope Plan is scheduled to commence in earnest in September 2025, with the aim of having it completed and launched by President Bola Ahmed Tinubu before the end of the year.

This timeline is crucial, as the plan will form the basis for the 2026 national budget, ensuring that the first annual budget of the new strategy is directly derived from its framework. The ultimate goal is to create a coherent and actionable framework that will accelerate job creation, improve human capital, and strengthen food security, setting Nigeria firmly on the path to sustainable economic expansion.