The Federal Government has unveiled an ambitious plan to propel Nigeria’s economy to the $1 trillion mark through a newly established financial inclusion framework. This initiative aims to significantly enhance access to financial services for millions of Nigerians, thereby driving economic growth and development.
Vice President Kashim Shettima, according to a statement by his Senior Special Assistant on Media and Communications, Stanley Nkwocha, made this known on Wednesday at the Presidential Villa, Abuja. Shettima said the initiative symbolizes the commitment of President Bola Tinubu’s administration to enhancing financial and economic inclusion across Nigeria.
The Federal Government had on April 25, 2024, unveiled the Aso Accord on Economic and Financial Inclusion, a multi-pronged blueprint designed to achieve universal access to financial services. The accord represents a core pillar of the administration’s Renewed Hope Agenda to transform the nation into a $1 trillion economy by 2030 while combating poverty and insecurity through broad-based prosperity.
Announcing the framework, the Central Bank of Nigeria (CBN) emphasized the critical role financial inclusion plays in achieving sustainable economic growth. “Our goal is to create a more inclusive financial system that caters to all segments of society, especially the underserved and unbanked populations. By doing so, we aim to unlock the full potential of our economy,” the CBN stated.
The framework focuses on several key areas, including the expansion of digital financial services, improving access to credit for small and medium-sized enterprises (SMEs), and enhancing financial literacy among the population. The government has partnered with various stakeholders, including financial institutions, fintech companies, and international development agencies, to ensure the successful implementation of this initiative.
A key component of the framework is the deployment of digital financial solutions to reach the unbanked and underbanked populations. This includes leveraging mobile money platforms, online banking services, and digital payment systems to provide affordable and accessible financial services. The government also plans to implement regulatory reforms to create a more conducive environment for fintech innovation and growth.
In addition to expanding digital financial services, the framework aims to improve access to credit for SMEs, which are considered the backbone of the Nigerian economy. By providing more financing options and reducing the barriers to obtaining credit, the government hopes to stimulate entrepreneurial activities and create more jobs.
Financial literacy is another critical aspect of the framework. The government plans to launch nationwide campaigns to educate the public on the importance of financial planning, savings, and investment. By enhancing financial literacy, the government aims to empower individuals to make informed financial decisions and improve their overall financial well-being.
The CBN has been tasked with overseeing the implementation of the financial inclusion framework. CBN Governor, Mr. Godwin Emefiele, expressed confidence in the framework’s potential to transform the Nigerian economy. “With this framework, we are laying the foundation for a more inclusive and prosperous economy. We believe that by increasing access to financial services, we can drive economic growth and improve the quality of life for all Nigerians,” he said.
According to Shettima, at the heart of every strategy championed by President Tinubu is the need to prioritize inclusive economic growth and development. The financial inclusion framework is part of the broader National Economic Recovery and Growth Plan (ERGP), which aims to diversify the economy, reduce poverty, and create sustainable economic growth. The government is optimistic that the successful implementation of this framework will bring Nigeria closer to achieving its goal of becoming a $1 trillion economy.
