The federal government of Nigeria has launched an ambitious plan to turn the country into a $1 trillion economy by 2030. This new initiative aims to create an operating model and framework for economic and financial inclusion to combat poverty and drive sustainable economic growth.
Vice President Kashim Shettima announced the plan, highlighting the commitment of President Bola Tinubu’s administration to enhance financial and economic inclusion across Nigeria. “This initiative symbolizes our dedication to improving financial and economic inclusion,” Shettima said during a meeting to kick off the project in Abuja.
The project is part of the Aso Accord on Economic and Financial Inclusion, unveiled on April 25, 2024. The accord is a comprehensive blueprint designed to ensure universal access to financial services and is a key element of the administration’s Renewed Hope Agenda.
Speaking at the launch, Vice President Shettima emphasized the importance of providing access to capital and eradicating poverty through legislative interventions and critical policies. He mentioned that the federal government has taken several steps to attract investment, including passing the Petroleum Industry Act (PIA) and enacting three new Executive Orders.
Shettima also highlighted the recent positive credit outlook upgrade by Fitch Ratings as a sign of confidence in Nigeria’s economic trajectory. “This upgrade reflects growing confidence in our economic reforms, but we remain mindful of the short-term impacts,” he stated. He noted that measures like the Student Loan Act and efforts to combat food insecurity are designed to mitigate these effects.
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The Vice President stressed that creating an investor-friendly environment requires collective effort from all Nigerians, including government officials, the media, and the judiciary. “Everyone has a role to play in ensuring that investment comes back to Nigeria,” he declared.
Dr. Nurudeen Abubakar Zauro, Technical Advisor to the President on Financial Inclusion, reported significant progress in implementing the Aso Accord. He mentioned that the initiative has received funding from the Bill & Melinda Gates Foundation through the Lagos Business School. “We are setting up the operating model and legal framework to ensure smooth project implementation,” Zauro said.
Prof. Olayinka David-West, Project Manager at the Lagos Business School, commended the Tinubu administration for prioritizing economic and financial inclusion. She noted that the team is working on legal frameworks and national coordination to drive ownership of the initiative across the country.
The meeting also included key stakeholders like the National President of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Mr. Fasasi Sarafadeen, and other experts who are contributing to the project’s success.
This initiative represents a significant step towards achieving broad-based prosperity and reducing poverty and insecurity in Nigeria. The federal government is optimistic that with collective effort and strategic implementation, Nigeria can achieve its goal of becoming a $1 trillion economy by 2030.