By Mercy Gadia
The House of Representatives on Wednesday passed for second reading a bill seeking to establish a 50-year national economic plan aimed at providing a stable and legally binding framework for Nigeria’s long-term development.
The proposed legislation, titled A Bill for an Act to Establish a 50-Year National Economic Plan for Nigeria (2026–2076), is designed to address the country’s longstanding challenge of policy inconsistency and short-term economic planning.
Leading the debate at plenary presided over by the Deputy Speaker, Benjamin Kalu, the sponsor of the bill, Amobi Ogah, said the measure would provide a legal framework to ensure continuity in national development planning across successive administrations.
He said, “Nigeria has, over the years, developed several ambitious economic blueprints, including Vision 2010, Vision 20:2020 and the Economic Recovery and Growth Plan, but implementation has often been undermined by policy reversals, weak institutional structures and lack of legal backing.”
Ogah added that the proposed 50-year plan would institutionalise continuity, coordination and accountability in economic management, thereby repositioning the country for sustainable growth and global competitiveness.
According to him, a long-term development framework would promote macroeconomic stability by enabling government to set clear fiscal and monetary priorities, reduce uncertainty, strengthen investor confidence and better withstand external shocks, particularly fluctuations in global oil prices.
He further argued that the bill would help attract long-term investment, especially in capital-intensive sectors such as infrastructure, manufacturing and energy, by providing investors with greater policy certainty and reducing investment risks.
Drawing from international examples, Ogah noted that countries such as South Africa, Rwanda and Botswana have successfully implemented long-term national development plans, while the African Union’s Agenda 2063 offers a continental framework for sustainable development.
He added that the bill seeks to diversify Nigeria’s economy, strengthen institutional coordination in economic planning, and provide legal backing for implementation, monitoring and evaluation.
The legislation also introduces compliance and enforcement mechanisms for government institutions while enhancing investor confidence through predictable economic policies.
In his contribution, the House Leader, Julius Ihonvbere, urged lawmakers to support the bill, describing it as “a critical framework for disciplined and consistent national planning, irrespective of which political party is in power.”
Similarly, Yusuf Gagdi recalled that Nigeria experienced significant economic growth during the administration of Yakubu Gowon through the implementation of national development plans.
He lamented that the country’s economic challenges deepened after the abandonment of agriculture as a central pillar of the economy.
The bill is expected to proceed to third reading before being transmitted to the Senate for concurrence.