Vice-President Kashim Shettima on Monday reaffirmed President Bola Tinubu’s commitment to economic reforms geared towards inclusive growth and bridge financial gaps across the country.
Shettima gave the assurance while inaugurating the Presidential Committee on Economic and Financial Inclusion (PreCEFI), at the presidential villa, Abuja.
Newsspecng.com reports that the move was part of the federal government’s commitment to achieving a trillion-dollar economy by 2030.
The event also witnessed the signing of an investment agreement by private sector stakeholders to provide the foundational infrastructure needed for the full operationalisation of the Aso Accord initiative.
The accord signed on Thursday, April 25th 2024, is a core pillar of the Tinubu administration’s Renewed Hope Agenda to transform the nation’s economy.
The Vice-President called on all stakeholders to support the government’s effort at bridging financial gaps for millions of unbanked citizens.
According to him, Nigeria’s economic aspirations require more than optimism but “deliberate ideas and strategies, inspired by our desire to win.
“ Our road to a $1 trillion economy by 2030 shall remain a mere wish unless we lay a foundation strong enough to carry our dreams.
” Dreams are not built on hope alone. They are the sum of deliberate ideas and strategies, inspired by our desire to win,” he added.
Shettima noted the progress made since the launch of the Financial Inclusion Strategy in 2012, explaining that inclusion rates have improved from 60.3 per cent to 74 per cent as of 2023.
He added that beneath these figures lie untold stories of millions still locked out of the financial system.
” We welcome this investment as an opportunity to catalyse growth for our startups and Micro, Small, and Medium enterprises (MSMEs), create jobs, and propel Nigeria towards the $1 trillion economy target by 2030.
” This is not merely another government initiative. This is a higher calling—a national duty to bridge the economic divide and maximise the full potential of our people.
“The inauguration of this committee and the formalisation of this investment commitment reinforce President Tinubu’s pledge to an inclusive economy—a vision that has been endorsed by the National Economic Council (NEC).
“We remain resolute in mitigating the short-term effects of economic reforms, expanding financial opportunities, and ensuring that every Nigerian, regardless of geography or status, is integrated into our economic growth story.
” However, the weight of this vision rests on all of us gathered here today, ” Shettima stated.
He further noted that youth, women, MSMEs, rural populations, and certain regions have continued “to face systemic barriers that deny them the opportunity to reach their full economic potential”.
He explained that the new Presidential Committee will operate through the Governance Committee (GovCo) and a Technical Committee (TechCo) and be supported by an Implementation Secretariat.
” This framework “ensures that our approach is not only robust but also adaptable to evolving challenges and opportunities in financial and economic inclusion.”
Meanwhile, IQS Africa is leading a consortium of core investors committed to providing the essential infrastructure for the Aso Accord’s implementation.
Earlier, the Deputy Chief of Staff to the President, Sen. Ibrahim Hadejia, said the composition of the committee underscored the commitment of Tinubu in attaining his administration’s trillion-dollar target for the economy.
On his part, the Technical Adviser to the President on Economic and Financial Inclusion, Dr Nurudeen Zauro, added that the inauguration of the committee was significant to Nigeria’s journey towards inclusive growth and the attainment of one trillion-dollar economy.
Zauro noted that collaboration would be critical to the actualisation of all set objectives.
Also, the Gov. Peter Mbah of Enugu, said economic and financial inclusion has been instrumental to the state’s astronomical increase in internally generated revenues.
The governor noted that growing the economy with the interest of the weak and vulnerable at heart was at the core of what the state government is doing.
In the same vein, Gov. Uba Sani of Kanu, said financial inclusion for Nigeria was long overdue, just as he welcomed the visionary leadership of Vice President Shettima.
He noted that beyond the issues of poverty, financial inclusion will help to address a lot of issues in the northern part of the country where digital infrastructure and network connectivity is inadequate.
In his remarks, the President of IQS, Mr Emmanuel Itapson said “the ideals of the Renewed Hope Agenda of the Tinubu administration was at a moment when visionary leadership, carefully thought-out policies and moments in history meet at a confluence.
“The agenda is a bold move to redefine the contours of opportunity and possibilities before the nation,” he added.
Itapson said ” no nation has ever achieved a great leap in its move towards greatness without a leadership that paints a vision that summons and harnesses the best and the most out of its people.
“Leadership provides the moonshot challenge and inspires the country to rise to that challenge.
” It also creates an environment where stakeholders, especially the private sector, will bring their ingenuity and unleash their entrepreneurial energy for the common good and national development.
“The renewed hope agenda for Nigeria with its trillion-dollar economy target is the moonshot moment for Nigeria and IQS Africa is excited to play a role in this great national renewal challenge.”
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the Ministry of Finance remains committed to the tasks assigned to the Presidential Committee.
He noted that it will take responsibility for translating the vision of the Aso Accord into actionable and impactful reforms and programmes.
The Minister of Humanitarian Affairs, Disaster Management and Social Development, Prof. Nentawe Yilwatda, said the ministry would be the biggest beneficiary of the efforts to enhance economic and financial inclusion across the nation.
He pointed out that agencies under his ministry will support the presidential committee to close the gap in financial inclusion especially among vulnerable groups in the country.
The National Security Adviser, Malam Nuhu Ribadu, commended the Vice-President’s leadership efforts to accelerate the ongoing reforms across different sectors in the country.
He said the financial inclusion efforts of the administration was a vehicle that will help Nigeria bring life to dead capital.
He added that it should be taken more seriously by all stakeholders, pledging the support and commitment of Nigeria’s security and intelligence community.
Also at the inauguration were heads of government agencies, departments, representatives of the private sector, development partners and Civil Society Organisations, among others.
