The Nigerian government has reaffirmed its commitment to economic reforms aimed at fostering inclusive growth and closing financial gaps nationwide.
Vice President Kashim Shettima stated this on Monday, when he inaugurated the Presidential Committee on Economic and Financial Inclusion as part of government’s commitment to achieving a trillion-dollar economy by 2030.
Investment agreement
The event also witnessed the signing of an investment agreement by private sector stakeholders to provide the foundational infrastructure needed for the full operationalization of the Aso Accord initiative.
The accord signed on Thursday, 25th April 2024 at the State House Banquet Hall is a core pillar of the President Tinubu administration’s Renewed Hope Agenda to transform the nation’s economy.
Speaking during the inauguration ceremony and sign-off of the investment commitments, the Vice President called on all stakeholders to support the government’s effort at bridging financial gaps for millions of unbanked citizens.
Aspirations
He said “Nigeria’s economic aspirations require more than optimism but “deliberate ideas and strategies, inspired by our desire to win.”
“Our road to a $1 trillion economy by 2030 shall remain a mere wish unless we lay a foundation strong enough to carry our dreams. Dreams are not built on hope alone. They are the sum of deliberate ideas and strategies, inspired by our desire to win,” he stated.
The Vice President noted the progress made since the launch of the Financial Inclusion Strategy in 2012, explaining that inclusion rates have improved from 60.3% to 74% as of 2023 . He said that beneath these figures lie untold stories of millions still locked out of the financial system.
The VP said; “We welcome this investment as an opportunity to catalyze growth for our startups and MSMEs, create jobs, and propel Nigeria towards the $1 trillion economy target by 2030. This is not merely another government initiative. This is a higher calling, a national duty to bridge the economic divide and maximise the full potential of our people.
“The inauguration of this committee and the formalisation of this investment commitment reinforce President Tinubu’s pledge to an inclusive economy, a vision that has been endorsed by the National Economic Council (NEC).”
“We remain resolute in mitigating the short-term effects of economic reforms, expanding financial opportunities, and ensuring that every Nigerian, regardless of geography or status, is integrated into our economic growth story. However, the weight of this vision rests on all of us gathered here today,” VP Shettima further stated.
Barriers
The Vice President noted that youth, women, micro, small, and medium enterprises (MSMEs), rural populations, and certain regions have continued “to face systemic barriers that deny them the opportunity to reach their full economic potential.”
He explained that the new Presidential Committee will operate through the Governance Committee and a Technical Committee and be supported by an Implementation Secretariat.
The Vice President stressed that this framework “ensures that our approach is not only robust but also adaptable to evolving challenges and opportunities in financial and economic inclusion.”
Investors
Meanwhile, IQS Africa is leading a consortium of core investors committed to providing the essential infrastructure for the Aso Accord’s implementation.
In his opening address, the Deputy Chief of Staff to the President (Office of the Vice President), Ibrahim Hassan Hadejia, said the composition of the Presidential Committee with membership drawn from the sub-nationals, key ministries, departments and agencies of the Nigerian government, and the private sector, underscored the commitment of President Tinubu in attaining his administration’s trillion-dollar target for the economy.
The Technical Adviser to the President on Economic and Financial Inclusion, Dr Nurudeen Zauro, said “the inauguration of the Presidential Committee is significant to Nigeria’s journey towards inclusive growth and the attainment of one trillion-dollar economy, noting that collaboration will be critical to the actualisation of all set objectives.”
In a goodwill message, the Governor of Enugu State, Dr Peter Mbah said economic and financial inclusion has been instrumental to the state’s astronomical increase in internally generated revenues.
He noted that growing the economy with the interest of the weak and vulnerable at heart is at the core of what the state government is doing.
In the same vein, the Kaduna State Governor, Sen. Uba Sani said financial inclusion for Nigeria was long overdue, just as he welcomed the visionary leadership of Vice President Shettima.
He said that beyond the issues of poverty, financial inclusion will help to address a lot of issues in the northern part of the country where digital infrastructure and network connectivity is inadequate.
Delivering his remarks, the President/CEO of IQS, Mr Emmanuel Itapson said “the ideals of the Renewed Hope Agenda of the Tinubu administration is at a moment when visionary leadership, carefully thought-out policies and moments in history meet at a confluence.”
“The agenda is a bold move to redefine the contours of opportunity and possibilities before the nation,” he added.
Mercy Chukwudiebere
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