The Nigerian Economic Summit Group has set a target for Nigeria’s Gross Domestic Product(GDP).
The group said that the Federal Government must grow Nigeria’s GDP from $4.5tn to $9tn in the next 28 years.
Chairman of NESG, Asue Ighodalo spoke at the 28th edition of the Nigerian Economic Summit themed, ‘Shared Prosperity: 2023 and Beyond’ in Abuja on Monday.
He said Nigeria Agenda 2050 must focus on “turning Nigeria into the most prosperous black country in the world, with a GDP per capita that is at par with the OECD countries by 2050.”
The Nigeria Agenda 2050 was recently developed by the current administration to transform the country into an upper middle-income developing country with a per capita income of $33,000.
But Ighodalo said if the country took a clear economic path, “it would mean – just based on today’s OECD indices – that we would need to grow our GDP to somewhere between $4.5tr and $9tr – depending on whether we can remain at a population of around 220 million or continue to grow to the 450 million we have been projected to reach by 2050.”
He said the government must begin to build an economy that was 10 to 20 times bigger than the current $440 billion economic size and should target growing the GDP at over 15 percent every year.
