The House of Representatives has debated the general principles of a Bill for an Act to establish a 50-year national economic plan for the country. The legislation seeks to provide a legal framework for the sustained implementation of national development plans, addressing the persistent challenge of policy inconsistency and short-term economic planning.
Amobi Ogah, the sponsor of the bill, stated that the proposed 50-year national economic plan for Nigeria 2026–2076 is a transformative initiative. It aims to establish a legally binding, long-term economic framework to guide national development across successive administrations. By institutionalising continuity, coordination, and accountability, the bill is designed to reposition Nigeria’s economy for sustainable growth and global competitiveness.
Nigeria's economic history has been marked by ambitious development plans like Vision 2010 and Vision 20:2020, which often suffered from weak implementation. Frequent changes in government priorities, inadequate institutional frameworks, and a lack of legal enforceability have led to policy reversals and inefficient resource use.
Ogah highlighted that the proposed 50-year plan addresses these shortcomings by providing a stable and predictable economic direction. A significant contribution is the promotion of macroeconomic stability, which is essential for maintaining investor confidence, managing inflation, and ensuring sustainable growth. Anchoring economic decisions within a long-term framework will enable Nigeria to better withstand external shocks.
The absence of continuity in economic policies has historically discouraged long-term investment, particularly in capital-intensive sectors. A legally binding 50-year plan is expected to signal policy credibility and commitment, thereby reducing investment risk and attracting capital inflows. The bill aims to promote economic diversification, strengthen institutional coordination, and provide legal backing for implementation, monitoring, and evaluation.
Drawing references from other jurisdictions, the bill incorporates global best practices tailored to local realities. Countries such as South Africa, Rwanda, and Botswana have adopted long-term development plans, and at the continental level, the African Union’s Agenda 2063 provides a shared vision.
House Leader, Prof. Julius Ihonvbere, urged lawmakers to support the bill, emphasizing that it provides a framework for discipline in planning that transcends annual budgets and will prevent deviations by any party in power. Plateau lawmaker, Yusuf Gagdi, recalled that Nigeria experienced significant economic growth during General Yakubu Gowon's regime through the implementation of National Development Plans, suggesting that problems arose when agriculture was abandoned.
The bill is scheduled for a third and final reading in the House of Representatives before being transmitted to the Senate for concurrence.
