The Federal Government has launched a new initiative to establish an operating model and framework for Economic and Financial Inclusion, to transform Nigeria into a $1 trillion economy by 2030.
The project, designed to combat poverty and stimulate sustainable economic growth, was inaugurated on Wednesday.
Vice President Kashim Shettima, speaking at the kick-off meeting for the initiative, highlighted the administration’s commitment to enhancing financial and economic inclusion across the country.
He stated that the initiative is a core component of President Bola Tinubu’s Renewed Hope Agenda, which seeks to achieve universal access to financial services and address poverty and insecurity through broad-based prosperity.
“The idea is to provide access to capital and eradicate poverty through legislative interventions and critical policies,” Shettima said.
He emphasized the importance of prioritizing inclusive economic growth and development, noting the recent upgrade of Nigeria’s credit outlook to positive by Fitch Ratings as a recognition of the administration’s reform progress.
Shettima also outlined various measures being prioritized to mitigate the immediate impacts of economic reforms, such as the Student Loan Act to democratize access to education and efforts by the Federal Ministry of Agriculture and Food Security to combat food insecurity.
The initiative was elevated to the agenda of the National Economic Council (NEC), involving all state governors and the FCT minister in crucial policy deliberations.
Shettima implored the implementation team and stakeholders to recognize the significance of their task, describing it as 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,” Shettima said.
“Only through 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,” he added.
Dr. Nurudeen Zauro, Technical Advisor to the President on Financial Inclusion, reported substantial progress in implementing the Aso Accord on financial inclusion, unveiled on April 25, 2024.
He stated that the accord, supported by the Gates Foundation through the Lagos Business School (LBS), is aimed at achieving universal access to financial services.
Zauro highlighted ongoing efforts to set up the operating model and legal framework for the project, as well as capacity-building initiatives for permanent secretaries and finance commissioners.
On his part, Prof. Olayinka David-West, Project Manager at LBS, commended the government for prioritizing economic and financial inclusion and emphasized the importance of national coordination to drive the policy’s success.
Meanwhile, President Bola Tinubu has approved the immediate rollout of the National Construction and Household Support Programme.
Officials say the move is in a bid to enhance agricultural productivity, stimulate economic growth, and provide urgent economic relief to Nigerians
The initiative is expected to cover all geo-political zones in the country, prioritizing critical infrastructure projects and economic support measures.