This plan responds to Nigeria’s pressing development challenges, encompassing issues such as sluggish economic growth, heightened insecurity, institutional weaknesses, inadequate public services, infrastructure deficiencies, climate change, and underwhelming social indicators. It sets ambitious targets, aiming to generate 21 million full-time jobs and elevate 35 million individuals out of poverty by 2025. This aligns with the government’s overarching objective of lifting 100 million Nigerians out of poverty within a decade.

Informed by past strategies like Vision 20:2020 and the Economic Recovery and Growth Plan (ERGP), this blueprint prioritizes substantial infrastructure investments, macroeconomic stability, and social progress. While previous initiatives made strides, Nigeria’s ascent to a top-tier global economy remains unfulfilled, with its GDP ranking edging only marginally from 30th to 27th place during the Vision 20:2020 period. The economy’s growth trajectory fluctuated, witnessing a significant downturn post-2015 due to external shocks, particularly from the global oil market.

The Economic Recovery and Growth Plan (ERGP), spanning 2017-2020, aimed to steer the economy towards diversification and inclusivity after a recession. Despite encountering challenges like historic terms of trade shocks and reduced oil production, the ERGP, supported by prudent macroeconomic and structural policies, facilitated Nigeria’s emergence from recession.

However, the year 2020 presented unprecedented hurdles with the triple shocks of the pandemic, plummeting oil prices, and social upheavals. Swift governmental responses, including policy interventions such as fiscal and monetary stimuli, managed to navigate Nigeria out of recession by the fourth quarter of 2020.

The formulation of this plan was a meticulous process, inaugurated by President Muhammadu Buhari in September 2020, spearheaded by the National Steering Committee (NSC). It involved a wide array of stakeholders from all 36 states, the Federal Capital Territory, and various sectors including the private sector, youth, labor unions, traditional and religious organizations, among others.

Vision 20:2020 had aimed to position Nigeria among the world’s top 20 economies, but this plan takes a more pragmatic approach, focusing on inclusive growth, infrastructure development, security enhancement, and social welfare. The overarching vision is to unlock Nigeria’s economic potential across all sectors, fostering sustainable, holistic, and inclusive national development.

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