The National Economic Council (NEC) has officially endorsed the Renewed Hope Development Plan (2026-2030), a five-year strategy designed to accelerate Nigeria's path towards achieving a $1 trillion economy by 2030.
The decision was reached during the 151st meeting of the council, presided over by Vice President Kashim Shettima at the State House in Abuja. The plan, which succeeds the expiring 2021-2025 Medium-Term National Development Plan, is designed to consolidate ongoing reforms and ensure policy continuity.
Vice President Shettima emphasized that the new plan is a "practical roadmap" and a "bridge between lessons learnt and ambitions pursued." He highlighted its role in aligning the country's economic trajectory with the long-term vision of Nigeria Agenda 2050.
According to the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, the plan will be participatory, involving all three tiers of government—federal, state, and local—as well as the private sector, civil society, and traditional institutions. To ensure its effective implementation, three governance structures—a national steering committee, a central working group, and technical working groups—will be established. State governors from the six geopolitical zones will also be actively involved.
The plan focuses on several key areas to stimulate growth and improve the lives of citizens. These include accelerating job creation, improving human capital, expanding sustainable infrastructure, enhancing food security, and strengthening social protection.
A key initiative announced by the Vice President is the scaling up of local production of solar-powered irrigation pumps by the National Agency for Science and Engineering Infrastructure (NASENI) to reduce farmers' energy costs and boost dry-season cultivation. The NEC's endorsement of the plan comes as the government aims to build on recent economic reforms.
The new framework is expected to be formally launched by President Bola Tinubu before the end of the year, providing a coherent structure for all government ministries, departments, and agencies to align their 2026 annual budgets. The council commended the Ministry of Budget and Economic Planning for the early start on the process, which is intended to avoid policy gaps.
