FG to transform Nigeria into $1trn economy by 2030 – VP

The Federal Government has unveiled a new financial inclusion policy aimed at transforming Nigeria into a one trillion dollar economy by 2030.

According to the Presidency, the project is designed to combat poverty and catalyse sustainable economic growth from the ground up.

Vice-President, Kashim Shettima, who unveiled the policy on Wednesday in Abuja, said the initiative symbolised the commitment of the President Bola Tinubu administration to enhance financial and economic inclusion across Nigeria.

It was reported that the Federal Government had, on April 25, unveiled the Aso Accord on Economic and Financial Inclusion, a multi-pronged blueprint designed to achieve universal access to financial services.

The accord represents a core pillar of the administration’s Renewed Hope Agenda to transform the nation into a $1trillion economy by 2030, while combating poverty and insecurity through broad-based prosperity.

The project is designed to combat poverty and catalyse sustainable economic growth from the ground up.

The Vice-President noted that the idea was to provide access to capital and eradicate poverty through legislative interventions and critical policies.

According to Shettima, at the heart of every strategy championed by President Tinubu, there has been the need to prioritise inclusive economic growth and development.

He listed some positive results the efforts have yielded to include the recent upgrade of Nigeria’s credit outlook to positive by Fitch Ratings, noting that it is in recognition of the reform progress under President Tinubu.

“While such upgrade by a distinguished institution reflects growing confidence in our economic trajectory, particularly in light of policy changes aimed at easing our debt service burden, we remain mindful of the short-term impacts of these reforms.

“Hence, we are prioritising measures to mitigate immediate effects, from the Student Loan Act, which democratises access to education, to the relentless efforts of the Federal Ministry of Agriculture and Food Security in combating food insecurity”, he said.

Shettima pointed out that due to the administration’s belief that its approach to inclusive growth must be strategic and sustainable, economic and financial inclusion was elevated to the agenda of the National Economic Council (NEC).

He implored members of the implementation team and all stakeholders involved in the initiative to recognise the weight of their responsibility, saying what they have at hand is a vital national assignment.

“You have been entrusted with a vital national assignment, and I have full confidence that you will bring your best efforts to ensure its success.

“As we embark on this essential initiative, I call upon each of you to contribute your insights, expertise, and dedication.

“Only through such resolve and discipline can we forge a robust operating model that will drive economic and financial inclusion across our nation, ensuring every Nigerian has the opportunity to thrive.

“I also implore the implementation team to engage all stakeholders fully.

“There is no greater calling than developing solutions to alleviate the impact of ongoing economic reforms on over 30 million financially excluded Nigerians, propelling Nigeria towards sustainable and inclusive growth,” he said.

Also, the Technical Advisor to the President on Financial Inclusion, Dr Nurudeen Zauro, reported substantial progress in implementing the Aso Accord on financial inclusion and a series of initiatives aimed at broadening financial access across the nation.

Zauro, while acknowledging the role of Shettima in supporting the signing of the accord and ongoing implementation, Zauro said that discussions on financial inclusion had reached the highest levels of government, including NEC.

“Since its signing, the operationalisation of the accord has received funding from the Bill & Melinda Gates Foundation through the Lagos Business School (LBS).

“We have been setting up the operating model and legal framework to ensure that the project takes off smoothly and is aligned with the Renewed Hope Agenda,” he said.

He said the team was planning capacity-building initiatives and “high-profile training for permanent secretaries and Commissioners of Finance.

“This will ensure that practical knowledge on financial inclusion would be injected where they are needed,” he said.

The Project Manager at the Lagos Business School, Prof Olayinka David-West, commended the Tinubu’s administration for putting economic and financial inclusion on the front burner by signing of the Aso Accord earlier in April.

She said the team at the Lagos Business School was working with its counterpart in the VP’s office and other stakeholders for a legal framework to boost financial inclusion in the country.