Federal Government Unveils Initiative to Transform Nigeria into $1 Trillion Economy by 2030
Abuja, Nigeria — In a bold move to combat poverty and drive sustainable economic growth, the Federal Government has launched a new initiative to establish an operating model and framework for Economic and Financial Inclusion. This initiative aims to transform Nigeria into a $1 trillion economy by 2030.
Vice President Kashim Shettima announced the initiative during the kick-off meeting for the Operating Model for Economic and Financial Inclusion. He highlighted that this project symbolizes President Bola Tinubu’s administration’s commitment to enhancing financial and economic inclusion across Nigeria.
The federal government had previously unveiled the Aso Accord on Economic and Financial Inclusion on April 25, 2024. This multi-pronged blueprint aims to achieve universal access to financial services and is a core pillar of the administration’s Renewed Hope Agenda to transform the nation while combating poverty and insecurity through broad-based prosperity.
Speaking to the team and stakeholders at the maiden meeting, Vice President Shettima emphasized that the initiative aims to provide access to capital and eradicate poverty through legislative interventions and critical policies. He noted that every strategy championed by President Tinubu prioritizes inclusive economic growth and development.
Shettima also pointed to some positive outcomes of these efforts, including the recent upgrade of Nigeria’s credit outlook to positive by Fitch Ratings, recognizing the reform progress under President Tinubu. He stressed the importance of mitigating the short-term impacts of these reforms through measures like the Student Loan Act and efforts by the Federal Ministry of Agriculture and Food Security to combat food insecurity.
Due to the administration’s strategic and sustainable approach to inclusive growth, economic and financial inclusion has been elevated to the agenda of the National Economic Council (NEC). All governors of the 36 states and the FCT minister participate in crucial policy deliberations alongside other stakeholders.
Shettima implored the implementation team and all stakeholders involved in the initiative to recognize the weight of their responsibility, emphasizing the importance of their national assignment. He called on each member to contribute their insights, expertise, and dedication to forge a robust operating model that will drive economic and financial inclusion across the nation.
The Technical Adviser to the President on Financial Inclusion, Dr. Nurudeen Abubakar Zauro, reported substantial progress in implementing the Aso Accord. He noted that discussions on financial inclusion have reached the highest levels of government, including NEC. Dr. Zauro revealed that the operationalization of the accord has received funding from the Bill & Melinda Gates Foundation through the Lagos Business School (LBS).
Dr. Zauro explained that the team is setting up the operating model and legal framework to ensure smooth project takeoff, aligning with the Renewed Hope Agenda. He also mentioned ongoing capacity-building initiatives and high-profile training for permanent secretaries and Commissioners of Finance to ensure practical knowledge on financial inclusion is widely disseminated.
Prof. Olayinka David-West, Project Manager at Lagos Business School, commended the Tinubu administration for prioritizing economic and financial inclusion by signing the Aso Accord. She stated that the collaboration with the Vice President’s office and other stakeholders focuses on creating a legal framework for financial inclusion and ensuring national coordination to drive ownership across the country.
Key figures present at the meeting included 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 Project Team Lead, Stephen Ambore, among others.
The initiative marks a significant step towards achieving sustainable and inclusive growth in Nigeria, offering hope for a prosperous future for all citizens.