The new development plan for Nigeria, titled the "Renewed Hope Plan (2026–2030),” has just been approved by the National Economic Council (NEC).
According to Vice President Kashim Shettima, this strategy aims to consolidate the reforms initiated by President Bola Ahmed Tinubu's administration and to propel Nigeria’s economy toward the goal of achieving a Gross Domestic Product (GDP) of $1 trillion by 2030.
"Another major consideration today is the expiration of the 2021–2025 National Development Plan and the preparation of its successor, the Renewed Hope Plan 2026–2030," he stated.
He added: "This is not a mere transition. It is the bridge between lessons learned and ambitions pursued. […] It is a concrete roadmap toward a $1 trillion economy by 2030."
With over 200 million inhabitants, Nigeria faces significant challenges related to employment, infrastructure, and social services. Despite its vast oil and gas reserves, the country remains heavily dependent on hydrocarbons.
The non-oil sector is growing but still faces numerous structural constraints, including inflation above 20%, a devalued naira, and high unemployment, particularly among the youth. To address this, the government has implemented bold reforms such as the gradual removal of fuel subsidies and the liberalization of the exchange rate.
These measures are part of a long-term vision aimed at improving living standards and advancing Nigeria toward the status of an upper-middle-income country, and eventually a high-income country by 2050.
This development plan aligns with Agenda 2050, which serves as a roadmap for accelerated, sustainable, and inclusive growth.