FG launches model to transform Nigeria into $1trn economy by 2030

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The Federal Government has launched a new initiative to establish an operating model and framework for Economic and Financial Inclusion, with the goal of transforming Nigeria into a $1 trillion economy by 2030.

This project aims to combat poverty and drive sustainable economic growth from the ground up.

Vice President Kashim Shettima stated that the initiative reflects President Bola Tinubu’s administration’s commitment to enhancing financial and economic inclusion across Nigeria.

Senator Shettima spoke on Wednesday during the kick-off meeting for the initiative to set up an Operating Model for Economic and Financial Inclusion.

On April 25, 2024, the federal government unveiled the Aso Accord on Economic and Financial Inclusion, a comprehensive blueprint designed to achieve universal access to financial services.

The accord is a key component of the administration’s Renewed Hope Agenda, which aims to transform the nation into a $1 trillion economy by 2030 while combating poverty and insecurity through widespread prosperity.

Addressing team members and other stakeholders at the inaugural meeting, the Vice President noted that the goal is to provide access to capital and eradicate poverty through legislative interventions and critical policies.

Shettima emphasized that President Tinubu has consistently prioritized inclusive economic growth and development in all strategies. He highlighted some positive outcomes, including Nigeria’s recent credit outlook upgrade to positive by Fitch Ratings, recognizing the reform progress under President Tinubu.

“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 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), where all governors of the 36 states and the FCT minister participate in crucial policy deliberations alongside other stakeholders.

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.

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”.

Also speaking during the meeting, the Technical Adviser to the President on Financial Inclusion, Dr Nurudeen Abubakar 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.

Dr Zauro, while acknowledging the role of Vice President Shettima in supporting the signing of the accord and ongoing implementation, reported that discussions on financial inclusion have now 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),” 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 team is planning capacity-building initiatives and “high-profile training for permanent secretaries and Commissioners of Finance to ensure that practical knowledge on financial inclusion is applied where needed.”

Earlier, the Project Manager at the Lagos Business School, Prof. Olayinka David-West, praised the Tinubu administration for prioritizing economic and financial inclusion by signing the Aso Accord in April.

She mentioned that the team at the Lagos Business School, in collaboration with the VP’s office and other stakeholders, is examining the legal framework for financial inclusion and providing the initiative with convening power and national coordination to ensure widespread adoption across the country.

Prof. David-West noted that, although the Lagos Business School and its partners have made concerted efforts to promote financial inclusion over the years, the current administration’s initiative will be pivotal in successfully implementing the policy nationwide.

She stated that the engagement with the Vice President aims to identify the right platforms and structures to mobilize relevant authorities to support the initiative.

Also present at the meeting were 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.