Vision 20:2020 is an articulation of the long-term intent to launch Nigeria onto a path of sustained social and economic progress and accelerate the emergence of a truly prosperous and united Nigeria. Recognising the enormous human and natural endowments of the nation, the blueprint is an expression of Nigeria’s intent to improve the living standards of her citizens and place the country among the Top 20 economies in the world with a minimum GDP of $900 billion and a per capita income of no less than $4000 per annum.
Nigeria’s targets for 2020 are based on a dynamic comparative analysis of the country’s potential growth rate and economic structure vis-à-vis those of other Top 40 economies in the world. This implies that the Nigerian economy must grow at an average of 13.8% during the time horizon, driven by the agricultural and industrial sectors over the medium term while a transition to a service-based economy is envisaged from 2018.
Fundamental to the Vision are two broad objectives – optimizing human and natural resources to achieve rapid economic growth, and translating that growth into equitable social development for all citizens. These aspirations are defined across four dimensions:
• Social Dimension: A peaceful, equitable, harmonious and just society, where every citizen has a strong sense of national identity and citizens are supported by an educational and healthcare system that caters for all, and sustains a life expectancy of not less than 70 years
• Economic Dimension: A globally competitive economy that is resilient and diversified with a globally competitive manufacturing sector that is tightly integrated and contributes no less than 25% to Gross Domestic Product
• Institutional Dimension: A stable and functional democracy where the rights of the citizens to determine their leaders are guaranteed, and adequate infrastructure exists to support a market-friendly and globally competitive business environment
• Environmental Dimension: A level of environmental consciousness that enables and supports sustainable management of the nation’s God-given natural endowments to ensure their preservation for the benefit of present and future generations.
Why Vision 20:2020?
The need for a holistic transformation of the Nigerian state has assumed an urgent and critical dimension in the course of the last two decades. Notable is the increasing relevance of Nigeria as a leading emerging market albeit with under-utilised potential. With the return to democratic rule in 1999, and the gradual re-building of civil institutions and a vibrant market economy, the feasibility of Nigeria assuming a key position as a global economic power and a catalytic hub for development in Africa has become more profound. Using an all-inclusive consultative process involving over 1,000 of the nation’s leading professionals and thinkers, Vision 20:2020 is an authentic blueprint by the Nigerian people to set for themselves a stretch target to transform the lives of the average Nigerian, and by implication the Nigerian economy.
How Vision 20:2020 will be realized
The economic transformation strategy for Nigeria is anchored upon three overarching thrusts:
1. Creating the platform for success by urgently and immediately addressing the most debilitating constraints to Nigeria’s growth and competitiveness;
2. Forging ahead with diligence and focus in developing the fabric of the envisioned economy by:
a. Aggressively pursuing a structural transformation from a mono-product economy to a diversified, industrialized economy;
b. Investing to transform the Nigerian people into catalysts for growth and national renewal, and a lasting source of comparative advantage; and
c. Investing to create an environment that enables the co-existence of growth and development on an enduring and sustainable basis.
3. Developing and deepening the capability of government to consistently translate national strategic intent into action and results by instituting evidence-based decision making in Nigeria’s public policy space.