Nigeria Targets $1 Trillion Economy as NEC Backs Renewed Hope Agenda

The National Economic Council (NEC) has endorsed the Renewed Hope Development Plan (2026–2030), a medium-term economic framework designed to accelerate Nigeria’s drive toward a $1 trillion economy by the end of the decade.

The decision was taken at the council’s meeting held on Thursday, August 28, 2025, at the Presidential Villa, Abuja, presided over by Vice President Kashim Shettima.

Shettima, who chairs the NEC, said the new plan would serve as a successor to the 2021–2025 national development plan and provide a bridge to the long-term Nigeria Agenda 2050.

He explained that the framework would consolidate ongoing reforms while setting clear targets for job creation, infrastructure, human capital development, food security, and social protection.

“The Renewed Hope Development Plan is not just another policy document. It is a national pact to ensure that our shared vision of a $1 trillion economy by 2030 becomes reality,” the Vice President stated.

Minister of Budget and Economic Planning, Atiku Bagudu, added that the plan is the second in a series of six five-year frameworks under the Agenda 2050 vision. He said the drafting process would be inclusive, drawing contributions from state governments, civil society, organised labour, youth groups, traditional institutions, and the private sector.

The meeting also reviewed the country’s fiscal position, with figures showing that the Excess Crude Account had dwindled to $535,823.39, while the Stabilisation Account and Natural Resources Fund stood at ₦78.45 billion and ₦106.72 billion, respectively.

Despite the lean balances, the council reaffirmed its commitment to implementing reforms that would unlock growth and attract investment. It further directed the Accountant General of the Federation to release funds for the upcoming round of national polio immunisation, underscoring government’s resolve to prioritise health and social welfare alongside economic targets.

With the endorsement, the Renewed Hope Plan is expected to guide Nigeria’s economic trajectory from 2026 to 2030, forming a critical part of President Bola Tinubu’s broader agenda to deliver sustainable growth and prosperity.