Shettima launches financial inclusion initiative for a $1 trillion Nigerian economy

From Juliana Taiwo-Obalonye, Abuja

Vice President Kashim Shettima has launched a new initiative to establish an operating model and framework for economic and financial inclusion, a core pillar of President Bola Tinubu’s Renewed Hope Agenda to transform Nigeria into a $1 trillion economy by 2030.

The initiative aims to combat poverty and catalyse sustainable economic growth by providing access to capital and financial services for underserved segments like women, youth, rural communities, and small businesses.

Key elements include establishing a Presidential Council, leveraging innovative solutions like government-to-person programmes, integrating financial literacy into the curriculum, and strengthening digital infrastructure.

According to a statement issued by his media aide, Stanley Nkwocha, the Vice President spoke on Wednesday during the kick-off meeting for the initiative to set up an operating model for economic and financial inclusion for the Office of the Vice President.

According to the Vice President, at the heart of every strategy championed by President Tinubu is the need to prioritise inclusive economic growth and development.

He listed some positive results these efforts have yielded, including the recent upgrade of Nigeria’s credit outlook to positive by Fitch Ratings, noting that it is in recognition of 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.”

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He 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.

Shettima 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.”

The initiative builds on the government’s unveiling of the Aso Accord on Economic and Financial Inclusion in April 2024, which has received support from partners like the Bill & Melinda Gates Foundation.

Shettima urged the implementation team to engage all stakeholders fully, recognising the vital national assignment they have been entrusted with.

Technical Adviser to the President on Financial Inclusion, Nurudeen Zauro, on his part, said, “By enabling every Nigerian to access credit, save, invest and insure, we can fuel an entrepreneurial revolution that drives economic transformation.”

Zauro, while acknowledging the role of the Vice President 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),” Zauro said.

He added: “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.”

He disclosed 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 injected where it is needed.”

Earlier, the Project Manager at the Lagos Business School, Olayinka David-West, commended the Tinubu administration for putting economic and financial inclusion on the front burner by signing the Aso Accord earlier in April.

She said the team at the Lagos Business School, working with its counterpart in the VP’s office and other stakeholders, is looking at the legal framework for financial inclusion as well as giving the initiative the convening power and national coordination to drive ownership across the country.

The project manager said though the Lagos Business School, collaborating with other partners, has over the years made deliberate efforts at entrenching financial inclusion across the country, the initiative of the present administration will serve as a gateway to successfully operationalising the policy nationwide.

David-West said the engagement with the Vice President seeks to identify the right platforms and structures aimed at galvanising the relevant authorities to key into the initiative.

Also present at the meeting were the National President of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Mr Fasasi Sarafadeen; Senior Lecturer, Lagos Business School, Dr Nkemdilim Iheanachor; Project Leader, Augmentum Advisory, Mr Kolajo Ajibola; and the Project Team Lead, Mr Stephen Abure, among others.