NEC Backs $1 Trn Economy Target with ‘Renewed Hope’ Plan

…VP Shettima Says 2026–2030 Roadmap Will Anchor Agenda 2050

By Jeremy Fregene

The National Economic Council (NEC) yesterday threw its weight behind the Renewed Hope Development Plan (2026–2030), a medium-term framework designed to consolidate ongoing reforms and drive Nigeria toward President Bola Tinubu’s $1 trillion economy target.

The endorsement was part of the resolutions at the 151st NEC meeting, presided over by Vice-President Kashim Shettima at the Presidential Villa, Abuja.

The council commended the Ministry of Budget and Economic Planning for kick-starting the process and urged active participation by states and stakeholders to ensure inclusivity and growth.

Chairing the session, Shettima said the new plan will build on existing policies, deepen continuity, and align Nigeria’s economic trajectory with the long-term goals of Agenda 2050.

“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 is no ordinary transition. It is the bridge between lessons learnt and ambitions pursued. The Renewed Hope Plan will consolidate reforms, deepen policy continuity, and align our medium-term strategies with the long-term horizon of Nigeria’s Agenda 2050. It’s a practical roadmap towards a one trillion economy by 2030.”

The Vice-President stressed that the new plan will not be top-down but participatory, engaging all tiers of government, the private sector, civil society, labour, youth, and traditional institutions.

“What is even more crucial is that this plan will not be drawn from the ivory towers of Abuja alone,” he said. “We are going to keep on engaging state governments, local governments, the organised private sector, civil society, labour, youth, and traditional institutions, and the conversation begins here today.”

Shettima also announced that the National Agency for Science and Engineering Infrastructure (NASENI) has scaled up local production of solar-powered irrigation pumps to cut energy costs for farmers and expand dry-season cultivation.

“This is the story of the nation’s refusal to be hostage to petrol-powered systems. This is an intervention to lower farmers’ energy costs, expand dry-season farming, and reinforce food security,” he said.

The Vice-President urged NEC members to maintain focus on turning policies into tangible outcomes for Nigerians.

“Distinguished colleagues, you have made sure that this Council is not a stage for applause. You are the reason it is a workshop for solutions. Let this 151st meeting echo as a continuation of our covenant. Let it be remembered not only for the issues tabled but for the resolve shown. Let it move from chamber to community, from rhetoric to result,” he charged.

According to the Council, the 2026–2030 plan will serve as a bridge between current reform momentum and the long-term aspirations of Agenda 2050. Preparations are expected to begin in September 2025, to ensure timely completion and formal launch by President Tinubu before the end of the year.

The framework will also guide federal, state, and local government MDAs in aligning their programmes and projects with the 2026 budget cycle.