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Nigeria launches operating model for economic and financial inclusion
The Federal Government of Nigeria on Wednesday launched a new initiative to establish an operational model and framework for Economic and Financial Inclusion, with the aim of transforming Nigeria into a $1 trillion economy by 2030.
The project was created to combat poverty and catalyze sustainable economic growth from the outset.
Vice President Kashim Shettima said the initiative symbolizes the commitment of President Bola Tinubu’s administration to improving financial and economic inclusion across Nigeria.
Shettima spoke during the launch meeting of the initiative to establish 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 multifaceted project designed to achieve universal access to financial services.
The agreement represents a key pillar of the administration’s Renewed Hope Agenda to transform the country into a $1 trillion economy by 2030, while combating poverty and insecurity through broad-based prosperity.
Addressing team members and other stakeholders at the inaugural meeting, the Vice President noted that the idea is to provide access to capital and eradicate poverty through critical legislative and policy interventions.
According to Shettima, at the heart of every strategy championed by President Tinubu is the need to prioritize inclusive economic growth and development.
He listed some positive outcomes that the efforts have yielded, including the recent upgrade of Nigeria’s credit outlook to positive by Fitch Ratings, noting that this is a recognition of the reform progress under President Tinubu.
His words: “While such an update 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 near-term impacts of these reforms.
“Therefore, we are prioritizing measures to mitigate the immediate effects, from the Student Loans Act, which democratizes access to education, to the tireless efforts of the Federal Ministry of Agriculture and Food Security in combating food insecurity.”
Shettima highlighted that due to the administration’s belief that its approach to inclusive growth must be strategic and sustainable, economic and financial inclusion has been elevated to the agenda of the National Economic Council (NEC), where all the governors of the 36 states and the FCT minister participate in crucial policy deliberations along with other stakeholders.
He implored members of the implementation team and all stakeholders involved in the initiative to recognize the weight of their responsibility, saying what they have at hand is a vital national task.
He said: “You have been entrusted with a vital national task and I have every confidence that you will do your best to ensure its success.
“As we embark on this essential initiative, I urge each of you to contribute your insights, expertise and dedication. Only through this determination and discipline can we forge a robust operating model that will drive economic and financial inclusion across our nation, ensuring that 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, moving Nigeria towards sustainable and inclusive growth.”
Also speaking at the meeting, the Technical Adviser to the President on Financial Inclusion, Dr. Nurudeen Zauro, reported substantial progress in the implementation of the Aso Agreement on financial inclusion and a number of initiatives aimed at expanding financial access across the country.
Zauro, while acknowledging the role of the Vice President in supporting the signing of the agreement and its continued implementation, reported that discussions on financial inclusion have already reached the highest levels of government, including the NEC.
“Since its signing, the operationalization of the agreement has received funding from the Bill & Melinda Gates Foundation through the Lagos Business School (LBS),” said Zauro.
“We are establishing the operational model and legal framework to ensure the project takes off smoothly and is aligned with the Renewed Hope Agenda. Also working on the team are Augmentum Advisory, Banwo & Ighodalo and Ndarani (SAN) & CO.”, the Technical Consultant said.
He revealed that the team is planning capacity building initiatives and “high-level training for permanent secretaries and finance commissioners to ensure that practical knowledge on financial inclusion is injected where it is needed.”
Earlier, the Project Manager of Lagos Business School, Prof. Olayinka David-West, commended the Tinubu administration for putting economic and financial inclusion at the forefront by signing the Aso Accord in early April.
According to her, the Lagos Business School team, working with its counterpart in the Office of the Vice President and other stakeholders, is looking at the legal framework for financial inclusion, as well as giving the initiative the power of national convening and coordination to drive ownership across the country.
She said that while Lagos Business School, in collaboration with other partners, has over the years made deliberate efforts to entrench financial inclusion across the country, the initiative by the current administration will serve as a gateway to successfully operationalizing the policy across the country.
David-West said the engagement with the Vice President seeks to identify the right platforms and structures to mobilize relevant authorities to participate in the initiative.
Deji Elumoye
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