House of Representatives Proposes 50-Year Economic Plan

The House of Representatives in Nigeria is advancing a bill to institute a 50-year national economic development plan, which had its second reading on Wednesday. Sponsored by Hon. Amobi Ogah, the initiative is described as a bold legislative transformation aimed at addressing the country's ongoing development challenges.

The bill seeks to establish a legally binding long-term economic framework that will guide national development across successive administrations, ensuring continued coordination and accountability. It is designed to reposition Nigeria's economy for sustainable growth and global competitiveness.

Hon. Ogah lamented the country's economic characteristics, citing the failure of previous plans such as Vision 2010 and Vision 20:2020, which were hindered by frequent changes in government priorities, weak institutional frameworks, and a lack of legal enforcement. These issues have often led to policy reversals and abandoned projects, leaving Nigeria vulnerable to external shocks, particularly fluctuations in global oil prices.