• Nigeria approves Renewed Hope Plan to boost $1T GDP by 2030
• Plan follows subsidy cuts, currency reforms, and inflation control
• Targets jobs, infrastructure, and inclusive economic growth

Nigeria's National Economic Council (NEC) has approved a new development plan called the "Renewed Hope Plan (2026-2030)," the government announced in a press release on its website Friday, August 29, 2025.

According to Vice President Kashim Shettima, the strategy aims to build on the reforms of President Bola Ahmed Tinubu's administration and drive the Nigerian economy toward a Gross Domestic Product (GDP) of $1 trillion by 2030.

“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,” Shettima said. “This, to us, is no ordinary transition. It is the bridge between lessons learnt and ambitions pursued. [...] It’s a practical roadmap towards a $1 trillion economy by 2030.”

With a population of over 200 million, Nigeria faces challenges related to employment, infrastructure, and social services. Despite its vast oil and gas reserves, the country remains dependent on hydrocarbons. While the non-oil sector is growing, it continues to face structural constraints, including inflation above 20%, a devalued naira, and high unemployment, particularly among youth.

To address these issues, the government has enacted sensitive reforms, including the gradual removal of fuel subsidies and the liberalization of the exchange rate. These measures are part of a long-term vision to improve living standards and elevate Nigeria to a higher-middle-income country, with the ultimate goal of becoming a high-income nation by 2050. The plan aligns with the country's Agenda 2050, which serves as a roadmap for accelerated, sustainable, and inclusive growth.

The council also stressed the need for a rapid disbursement of funds for the upcoming national vaccination campaign and called for greater use of new technologies to strengthen the surveillance and monitoring of routine vaccination programs.

Ingrid Haffiny (Intern)