Nigerian Reps Pass 50-Year Economic Plan Bill

On Wednesday, the Nigerian House of Representatives debated and passed a bill through its second reading that aims to establish a 50-year national economic plan for the country, covering the period from 2026 to 2076. Sponsored by Deputy Speaker Benjamin Kalu, the bill seeks to provide a legal framework for the sustainable implementation of Nigeria's development plan.

Amobi Ogah highlighted the poor attitude towards long-term planning, noting that previous initiatives like Vision 2010 and Vision 20:2020 failed due to inconsistent policies and weak institutional frameworks. The proposed plan aims to stabilize and predict the economy, reduce uncertainty, and enhance investor confidence.

It is designed to address Nigeria's persistent development challenges and provide a structured approach to economic transformation. The bill reflects a synthesis of global best practices tailored to local realities, similar to long-term plans adopted by countries like South Africa and Rwanda.

The bill is expected to return for a third and final reading before being transmitted to the Senate for concurrence.