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NEC Moves to Fast-track $1trn Economy, Endorses Renewed Hope Five-Year Economic Plan

NEC Moves to Fast-track $1trn Economy, Endorses Renewed Hope Five-Year Economic Plan

•Shettima: New Medium-Term Strategy will consolidate reforms, align with Agenda 2050   

•Account balances as at August stand at $535,823.39 for Excess Crude Account, Stabilisation Account N78,453,757,583.19, and Natural Resources Account N106,727,969,527.59   

•Polio variant threatens North-west, as nation steps up vaccination

Deji Elumoye in Abuja

National Economic Council (NEC) at its monthly meeting, yesterday, endorsed the framework for the five-year Renewed Hope Development Plan, from 2026 to 2030.

The plan aims to consolidate Nigeria’s reform agenda and actualise the $1 trillion economy target of the administration of President Bola Tinubu. 

The endorsement was the highpoint of the resolutions reached at the 151st meeting of the council.

NEC commended the Federal Ministry of Budget and Economic Planning for kick-starting the process for actualisation of the $1 trillion economy. It urged effective participation by all states and stakeholders to ensure inclusivity and accelerated growth.

The NEC meeting, chaired by Vice President Kashim Shettima, was held at Council Chambers, State House, Abuja.

The council also asked the Accountant General of the Federation to accelerate the release of funds for the next round of the national polio immunisation campaign to ensure a hitch-free exercise.

In his remarks, Shettima, who is the NEC chairman, said the new national development plan will build on existing policies, deepen continuity, and align Nigeria’s growth trajectory with the long-term goals of Nigeria Agenda 2050.

He described the transition as critical to sustaining the country’s economic trajectory and consolidating the administration’s ongoing reforms. 

The vice president stated, “Another major consideration today is the expiration of the National Development Plan 2021–2025 and the preparation of its successor, the Renewed Hope Plan 2026–2030. 

“This, to us, is no ordinary transition. It is the bridge between lessons learnt and ambitions pursued. 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.”

Shettima emphasised that the plan will be participatory rather than top-down, engaging multiple tiers of government, civil society, and private actors.

According to him, “What is even more crucial is that this plan will not be drawn from the ivory towers of Abuja alone. 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.”

Shettima also announced that National Agency for Science and Engineering Infrastructure (NASENI) had scaled up local production of solar-powered irrigation pumps to reduce energy costs for farmers and expand dry-season cultivation.

“This is the story of the nation’s refusal to be hostage to petrol-powered systems. This is an intervention to lower farmers’ energy costs, expand dry-season farming, and reinforce food security,” the vice president stated. 

On the role of NEC as a problem-solving platform, Shettima urged members to maintain the council’s focus on translating policies into real outcomes for citizens.

He said, “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. 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.”

On preparations for the next round of the national immunisationcampaign, NEC called on the Accountant General of the Federation to expedite the release of funds to ensure a hitch-free exercise.

The council also urged partners to leverage technology to strengthen surveillance and tracking systems in Nigeria’s routine immunisationprogramme.

Throwing more light on the issue, Governor Inuwa Yahaya of GombeState told newsmen after the NEC meeting that Nigeria was recording notable gains in its renewed push against the polio virus. But Yahaya said the persistence of a vaccine-derived variant in the North-west continued to be of concern.

He stressed that recent interventions were already yielding results, recalling that the National Committee on Polio Eradication, inaugurated in December 2023, had since held several sessions to review progress and fine-tune strategies.

He disclosed that while Nigeria was declared free of wild poliovirus in 2020, the fight had shifted to containing a circulating variant, concentrated mainly in Kano, Katsina, Kebbi, Sokoto, and Zamfara states.

The Gombe State Governor said, “As of the 33rd epidemiological week in 2024, Nigeria recorded 78 cases. That figure has now dropped to 42, showing a clear downward trend.”

He said Kano and Katsina recorded remarkable reductions of 65 per cent and 84 per cent, respectively, while Gombe had maintained a clean slate since this year. 

According to Yahaya, Sokoto remains the epicentre, accounting for 13 of the 23 cases reported nationwide so far in 2025.

He outlined improvements in surveillance and vaccination, saying settlements tracked with geo-coordinate data increased from 71 per cent in April to 78 per cent in June, while vaccination coverage rose from 81 to 84 per cent within the same period.

The governor said, “The first round of in-between activities across 11 high-risk states reached 77 per cent of targeted settlements, with about 2.7 million children vaccinated, representing 83 per cent coverage.”

Beyond vaccination, Yahaya stated that integrated health services were offered, including nutritional supplements for pregnant women, malaria prevention kits and other maternal-child health interventions, designed to boost community acceptance.

He announced that the second round of immunisation will run from September 11 to 14, 2025 across 11 high-risk states, while a broader integrated nationwide campaign will follow in October 2025.

Yahaya stated, “That campaign, targeting children aged 0-14 years, will deliver measles, rubella, polio and malaria vaccines, alongside treatments for neglected tropical diseases, in a two-phase rollout to maximisecoverage.

“To ensure effective delivery, the committee urged state deputy governors to personally chair task force meetings at least two weeks before each campaign round, particularly in Kano, Kebbi and Sokoto. 

“Commissioners for Health and heads of primary healthcare agencies are to lead post-campaign reviews and mop-up exercises, while local government chairmen will be tasked with grassroots mobilisation.”

Yahaya further appealed to security agencies to safeguard health workers in conflict-prone areas, stressing that vaccination teams often face risks in hard-to-reach or volatile communities.

He underscored the need for timely funding, revealing that the committee had called on the Accountant General of the Federation to expedite disbursements for primary healthcare funds.

He said, “Eradicating polio remains a national priority. With sustained commitment, adequate resources, and strong security backing, we can rid Nigeria of this disease once and for all.”

On cross-border risks, he cautioned that porous northern frontiers remained a weak link.

Yahaya said, “Nigeria was declared wild polio-free in 2020, but what we are fighting now is a variant that spreads easily across borders. 

“Communities along the Niger and Chad borders remain vulnerable. That is why we are intensifying vaccination coverage to ensure that no variant, whether home-grown or imported, gains ground again.”

Other highlights of the meeting included update on the account balances as at August 27, 2025 as presented by Accountant General of the Federation, Shamusideen Ogunjimi, who represented the Minister of Finance and coordinating Minister of the Economy, Wale Edun.

Ogunjimi gave the account balances as Excess Crude Account – $535,823.39; Stabilisation Account – N78,453,757,583.19; and

Natural Resources Account – N106,727,969,527.59.

On the proposed new medium-term plan, the Budget and Economic Planning ministry urged NEC to note that the first in the series of the six five-year medium-term plan, NDP 2021 – 2025, will elapse by December 2025 and the successor in the series, NDP 2026 – 2030, christened Renewed Hope Plan 2026 – 2030 (RHP 2026 -2030) will be developed.

The accountant-general stated: that the process of developing the RHP 2026 – 2030 will be participatory, requiring the involvement of Nigerians from all walks of life; that since the process of preparing the RHP 2026 – 2030 will be participatory, three governance structures will be put in place as follows: National Steering Committee (to be co-chaired by Public and Private Sector), Central Working Group (CWG), and Technical Working Groups (TWGs); that the Federal Ministry of Budget and Economic Planning plays a central role in shaping national developments and strengthening the management of our federal system through its planning mandate; that the preparation of the new plan will effectively commence in September 2025, so that it can be completed on time for Mr. President to launch before the end of the year, as MDAs were expected to derive their 2026 budgets from the new plan.

NEC also said in the fullness of time, Mr. President would inaugurate the NSC, while the vice president would inaugurate CWG, and the TWGs that would be handling the different sectors of the economy. It promised to provide all necessary support and enabling environment for the full and effective participation of state teams or representatives in the preparation of the RHP 2026 – 2030.

NEC thereafter observed the foresight of the Ministry of Budget and Economic Planning and the importance of kick-starting the process of creating and new National Development Plan for the Country.

Council also urged effective participation by all states and stakeholders to ensure inclusivity and accelerated growth. It approved the proposal for the New National Development Plan – Renewed Hope

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•Shettima: New Medium-Term Strategy will consolidate reforms, align with Agenda 2050    •Account balances as at August stand at $535,823.39 for Excess Crude Account, Stabilisation Account N78,453,757,583.19, and Natural Resources Account N106,727,969,527.59    •Polio variant
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GDP: Govs Back FG’s $100 Billion Creative Economy Target By 2030

GDP: Govs Back FG’s $100 Billion Creative Economy Target By 2030

Chuks Okocha and Oghenevwede Ohwovoriole in Abuja

Nigerian governors have announced their support for the federal government’s aspiration of  adding $100 billion to the country’s Gross Domestic Product (GDP: Govs Back FG’s $100 Billion Creative Economy Target By 2030

Chuks Okocha and Oghenevwede Ohwovoriole in Abuja

Nigerian governors have announced their support for the federal government’s aspiration of  adding $100 billion to the country’s Gross Domestic Product (GDP) through its largely unexplored creative economy potential by 2030.

Specifically, the federal government said it aims to grow the contribution of arts, culture, tourism, and the creative economy to the GDP in the next five years, with a target of over 3 million jobs.

In a communiqué signed by the Chairman of the Nigeria Governors’ Forum (NGF), AbdulRahman AbdulRazaq, after a meeting late Wednesday in Abuja,  the governors pledged full support for the federal initiative, describing it as vital to enhancing the growth of Nigeria’s creative economy and tourism sectors.

The governors outlined key initiatives, including the $200 million Creative Economy Development Fund (CEDF), the $1 billion Creative and Tourism Infrastructure Corporation, and landmark projects such as the Lagos Arena, Abuja Creative City, and Renewed Hope Cultural Villages as critical to the realisation of these goals.

The communiqué, read by the Gombe State Governor, MuhammaduYahaya, noted that the presentation was received from the Minister of Arts, Culture, Tourism and Creative Economy, Hannatu Musawa, represented by Mr. Obi Asika, Director General of the National Council for Arts and Culture.

“The forum received a presentation from the Minister of Arts, Culture, Tourism and Creative Economy, Hannatu Musawa, represented by Mr. Obi Asika, Director-General of the National Council for Arts and Culture. The roadmap targets a GDP contribution of $100 billion by 2030 and the creation of over three million jobs.

“Other key initiatives include the $200 million Creative Economy Development Fund, the $1 billion Creative and Tourism Infrastructure Corporation, and projects such as the Lagos Arena, Abuja Creative City, and Renewed Hope Cultural Villages,” part of the communiqué noted.

The 36 governors commended the reforms to strengthen intellectual property, expand tourism, and elevate Nigeria’s global presence, resolving to collaborate through state creative economy desks, co-created festivals, and adoption of the ‘Naija Season’ platform.

The Federal Executive Council (FEC) recently approved the establishment of the Creative and Tourism Infrastructure Corporation under a Public-Private Partnership (PPP) model. The corporation is expected to drive investments, unlock the industry’s potential, and position Nigeria’s creative and tourism sectors for global competitiveness.

The federal government emphasised that Nigeria’s abundant creative talents, combined with technology, art, culture, and tourism, would serve as powerful tools for economic growth and global influence.

Besides, the forum commiserated with the Kogi state Governor, UsmanOdodo, over the passing of his father, Pa Ahmed Ododo, who died at 83. A minute of silence was observed in his honour.

Meanwhile, the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, has disclosed that Nigeria’s digital economy will contribute 21 per cent to GDP by 2030, from the current 14.19 per cent.

The minister who was was represented by the Permanent Secretary, Ministry of Communications, Innovation and Digital Economy, Mr. Adeladan Rafiu, made the disclosure in Abuja yesterday during the Federal Capital Territory (FCT) National Digital Economy and e-Governance Bill stakeholders’ engagement.

Tijani said:  “In quarter one of 2025, the digital economy contributed approximately N7 trillion  to our real GDP, accounting for 14.19 per cent of Nigeria’s N49.34 trillion GDP. This is highly remarkable. Currently, the sector contributes 16 -18 per cent of GDP, with clear strategies to place it in place to increase this to 21 per cent by 2030.”

On the importance of the bill, he said it seeks to establish a robust legal and regulatory framework that will guide the implementation of digital governance in Nigeria and ensure the solid legal foundation required to drive digital identity, aid governance, and overall decision-making for Nigeria.

In his remarks, the Director General, National Information Technology Development Agency (NITDA), Kachifu Abdullahi, said a legal and institutional framework for the national digital economy was being built.

“This will accelerate digitisation of the Nigerian economy, when all government services are digital, and also the government is building infrastructure to connect the unconnected. The government is doing a lot in digital literacy to educate our citizens to develop their digital fluency, so everyone will be part of it. And that will deepen financial inclusion as well,” Abdullahi stated.

The National Commissioner of Nigerian Data Protection Commission (NDPC), Dr. Vincent Olatunji, in his goodwill message noted that the digital economy sector was the most consistent in growth. 

“I stand to be corrected. I’m not sure of any other sector where there is consistent progress in a particular sector and contributing highly to the growth of our economy,” he said.

The Director General, Galaxy Backbone (GBB), Prof. Ibrahim Adeyanju said: “You can’t talk of a digital economy without a digital infrastructure and that’s where Galaxy Backbone comes in. The government has invested a lot in terms of infrastructure and those infrastructure are there to support the digital economy.”) through its largely unexplored creative economy potential by 2030.

Specifically, the federal government said it aims to grow the contribution of arts, culture, tourism, and the creative economy to the GDP in the next five years, with a target of over 3 million jobs.

In a communiqué signed by the Chairman of the Nigeria Governors’ Forum (NGF), AbdulRahman AbdulRazaq, after a meeting late Wednesday in Abuja,  the governors pledged full support for the federal initiative, describing it as vital to enhancing the growth of Nigeria’s creative economy and tourism sectors.

The governors outlined key initiatives, including the $200 million Creative Economy Development Fund (CEDF), the $1 billion Creative and Tourism Infrastructure Corporation, and landmark projects such as the Lagos Arena, Abuja Creative City, and Renewed Hope Cultural Villages as critical to the realisation of these goals.

The communiqué, read by the Gombe State Governor, MuhammaduYahaya, noted that the presentation was received from the Minister of Arts, Culture, Tourism and Creative Economy, Hannatu Musawa, represented by Mr. Obi Asika, Director General of the National Council for Arts and Culture.

“The forum received a presentation from the Minister of Arts, Culture, Tourism and Creative Economy, Hannatu Musawa, represented by Mr. Obi Asika, Director-General of the National Council for Arts and Culture. The roadmap targets a GDP contribution of $100 billion by 2030 and the creation of over three million jobs.

“Other key initiatives include the $200 million Creative Economy Development Fund, the $1 billion Creative and Tourism Infrastructure Corporation, and projects such as the Lagos Arena, Abuja Creative City, and Renewed Hope Cultural Villages,” part of the communiqué noted.

The 36 governors commended the reforms to strengthen intellectual property, expand tourism, and elevate Nigeria’s global presence, resolving to collaborate through state creative economy desks, co-created festivals, and adoption of the ‘Naija Season’ platform.

The Federal Executive Council (FEC) recently approved the establishment of the Creative and Tourism Infrastructure Corporation under a Public-Private Partnership (PPP) model. The corporation is expected to drive investments, unlock the industry’s potential, and position Nigeria’s creative and tourism sectors for global competitiveness.

The federal government emphasised that Nigeria’s abundant creative talents, combined with technology, art, culture, and tourism, would serve as powerful tools for economic growth and global influence.

Besides, the forum commiserated with the Kogi state Governor, UsmanOdodo, over the passing of his father, Pa Ahmed Ododo, who died at 83. A minute of silence was observed in his honour.

Meanwhile, the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, has disclosed that Nigeria’s digital economy will contribute 21 per cent to GDP by 2030, from the current 14.19 per cent.

The minister who was was represented by the Permanent Secretary, Ministry of Communications, Innovation and Digital Economy, Mr. Adeladan Rafiu, made the disclosure in Abuja yesterday during the Federal Capital Territory (FCT) National Digital Economy and e-Governance Bill stakeholders’ engagement.

Tijani said:  “In quarter one of 2025, the digital economy contributed approximately N7 trillion  to our real GDP, accounting for 14.19 per cent of Nigeria’s N49.34 trillion GDP. This is highly remarkable. Currently, the sector contributes 16 -18 per cent of GDP, with clear strategies to place it in place to increase this to 21 per cent by 2030.”

On the importance of the bill, he said it seeks to establish a robust legal and regulatory framework that will guide the implementation of digital governance in Nigeria and ensure the solid legal foundation required to drive digital identity, aid governance, and overall decision-making for Nigeria.

In his remarks, the Director General, National Information Technology Development Agency (NITDA), Kachifu Abdullahi, said a legal and institutional framework for the national digital economy was being built.

“This will accelerate digitisation of the Nigerian economy, when all government services are digital, and also the government is building infrastructure to connect the unconnected. The government is doing a lot in digital literacy to educate our citizens to develop their digital fluency, so everyone will be part of it. And that will deepen financial inclusion as well,” Abdullahi stated.

The National Commissioner of Nigerian Data Protection Commission (NDPC), Dr. Vincent Olatunji, in his goodwill message noted that the digital economy sector was the most consistent in growth. 

“I stand to be corrected. I’m not sure of any other sector where there is consistent progress in a particular sector and contributing highly to the growth of our economy,” he said.

The Director General, Galaxy Backbone (GBB), Prof. Ibrahim Adeyanjusaid: “You can’t talk of a digital economy without a digital infrastructure and that’s where Galaxy Backbone comes in. The government has invested a lot in terms of infrastructure and those infrastructure are there to support the digital economy.”

The post GDP: Govs Back FG’s $100 Billion Creative Economy Target By 2030 appeared first on THISDAYLIVE.

​  

Chuks Okocha and Oghenevwede Ohwovoriole in Abuja Nigerian governors have announced their support for the federal government’s aspiration of  adding $100 billion to the country’s Gross Domestic Product (GDP: Govs Back FG’s $100 Billion Creative Economy Target By 2030
The post GDP: Govs Back FG’s $100 Billion Creative Economy Target By 2030 appeared first on THISDAYLIVE.