FG Launches Model To Transform Nigeria Into $1 Trillion Economy By 2030

The Federal Government has initiated a new program to establish a working model and structure for Economic and Financial Inclusion, with the goal of transforming Nigeria into a $1 trillion economy by 2030.

The initiative aims to address poverty and drive sustainable economic growth from the grassroots level.

Vice President Kashim Shettima emphasized that the project signifies President Bola Tinubu’s administration’s dedication to enhancing financial and economic inclusion throughout Nigeria.

Senator Shettima made these remarks during the inaugural meeting for the initiative to create an Operating Model for Economic and Financial Inclusion.

On April 25, 2024, the federal government introduced the Aso Accord on Economic and Financial Inclusion, a comprehensive plan aimed at achieving universal access to financial services.

The accord is a key component of the administration’s Renewed Hope Agenda to elevate the country to a $1 trillion economy by 2030, while also addressing poverty and insecurity through widespread prosperity.

During the initial meeting with team members and stakeholders, the Vice President highlighted the objective of providing capital access and eradicating poverty through legislative measures and essential policies.

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Shettima emphasized that inclusive economic growth and development have been central to every strategy advocated by President Tinubu, citing positive outcomes such as Nigeria’s recent credit outlook upgrade to positive by Fitch Ratings as a recognition of the reform progress under President Tinubu.

The Vice President noted that “While such an 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”.

VP Shettima emphasized that the administration’s commitment to strategic and sustainable inclusive growth led to the prioritization of economic and financial inclusion in the National Economic Council (NEC) agenda, where governors of all 36 states and the FCT minister engage in important policy discussions with other stakeholders.

He urged the implementation team members and all stakeholders engaged in the project to acknowledge the significance of their roles, highlighting that the task at hand is a crucial national duty.

The Vice President stated: “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”.

During the gathering, the Advisor to the President on Financial Inclusion, Dr Nurudeen Abubakar Zauro, shared updates on the significant advancements made in putting the Aso Accord on Financial Inclusion into action, along with various efforts designed to expand financial opportunities throughout the country.

Dr. Zauro, recognizing Vice President Shettima’s contribution to the agreement’s ratification and continuous progress, mentioned that conversations about financial inclusion have ascended to the top echelons of the government, encompassing the National Executive Committee (NEC).

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

He further explained: “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. “Working on the team are also Augmentum Advisory, Banwo & Ighodalo, and Ndarani (SAN) & CO.,” Dr Zauro said.

He revealed that the group is preparing to launch initiatives aimed at enhancing skills and providing advanced training for top-level officials such as Permanent Secretaries and Commissioners of Finance, with the goal of ensuring that practical expertise in financial inclusion is spread where it is most needed.

Before that, the Project Manager at Lagos Business School, Prof. Olayinka David-West, praised the administration of former President Tinubu for prioritizing economic and financial inclusion by entering into the Aso Accord in April.

She mentioned that the team at Lagos Business School, in collaboration with its partner in the Vice President’s office and other key players, is focusing on reviewing the legal aspects of financial inclusion and establishing the initiative as a central force to promote ownership throughout the nation.

The project manager noted that, despite the Lagos Business School’s efforts with other partners to embed financial inclusion across the nation, the current administration’s initiative will act as a key step towards effectively implementing the policy nationwide.

Prof. David-West highlighted that the discussions with the Vice President are aimed at finding the appropriate platforms and frameworks to encourage the relevant authorities to support the initiative.

The meeting also included representatives from the National President of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Fasasi Sarafadeen; Senior Lecturer at Lagos Business School, Dr Nkemdilim Iheanachor; Project Leader at Augmentum Advisory, Kolajo Ajibola, and the Project Team Lead, Stephen Ambore, among others.