I look forward to our new coordinating minister for the economy presenting this five year development plan to the National Assembly next week

Ayo Akinfe

[1] It is a mandatory target for this government to achieve at least 10% annual economic growth every year between 2026 and 2031

[2] In 2014, when we enjoyed our highest export revenue generation, receipts totalled $102bn. That year we had a trade surplus of about $1.5bn. However, this was not sustainable because once oil prices fell, the figure dropped dramatically. Between 2026 and 2031 our goal will be to increase export revenue to a minimum of $300bn annually

[3] At the moment, over 90% of government revenue comes from crude oil exports. This soft underbelly makes Nigeria highly vulnerable to the vagaries of the global oil market. By 2031, we aim to reduce this to 50% as part of an aggressive economic diversification plan

[4] Given that we have a very young population and are forecast to become the world's third most populous nation by 2050, job creation is simply a must. Our goal is to create 20m manufacturing jobs by 2031

[5] In a bid to end the ongoing herdsman crisis that has the potential to create a food security problem in the country, we will ensure that there are six mega cattle ranches opened in the states with the largest landmass in the country - Niger, Borno, Yobe, Taraba, Bauchi and Kaduna. Attached to them will be abattoirs, leather tanneries, veterinary clinics, dairy plants, leather processing factories, etc

[6] By 2031, Nigeria will stop exporting crude oil. Over the next five years we will step up investment in the Nigerian petrochemical industry to increase the array of finished goods and by-products we manufacture

[7] Cocoa production is one area where we have a comparative advantage to most other countries in the world as you need the canopy of the tropical rain forest to grow what is known as the "food of the gods." At the moment, we are the world's number four cocoa producer behind Ivory Coast, Ghana and Indonesia with an annual output of about 370,000 tonnes. We aim to become the world's leading producer by 2031 with an output of 1.5m tonnes.

[8] Every year, we will add at least 10,000MW to our electricity capacity annually. By 2031, we should aim to generate at least 60,000MW of electricity

[9] By 2031, every one of Nigeria's 36 states must at least generate its own running costs. Ae part of this plan, we aim to return to the 1958 revenue generation and sharing formula that our founding fathers signed up to at the Lancaster House Agreement in London. Under this new arrangement, the federating units would be responsible for collecting revenue in their confines, keeping 50% of all receipts, paying 20% into the federation account, 15% into a geo-political zone account and paying 15% into a Sovereign Welfare Fund

[10] By 2031, we aim to get 50% of all cars driven in the country assembled locally as well as get 50% of all consumer goods like fridges, washing machines, TV sets, laptops, mobile phones, cookers, etc, manufactured within Nigeria. By 2031, we also aim to get most of the world's major manufacturers to open plants in Nigeria as has happened in China and India

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