Abuja, Nigeria— With a strategy to eradicate poverty and boost sustainable economic growth, the Nigerian government has unveiled an ambitious financial inclusion policy aimed at transforming the nation into a $1 trillion economy by 2030. This initiative, unveiled by Vice President Kashim Shettima on Wednesday, unfolds the commitment of President Bola Tinubu’s administration to enhancing financial and economic inclusion across Nigeria.
The new policy, part of the broader Aso Accord on Economic and Financial Inclusion introduced on April 25, 2024, is a multi-faceted blueprint designed to achieve universal access to financial services. This accord portrays as a cornerstone of the administration’s Renewed Hope Agenda, which aspires to transform Nigeria’s economic landscape through broad-based prosperity, combating poverty and insecurity in the process.
During the unveiling ceremony, Vice President Shettima emphasized that the policy represents a significant step towards providing access to capital and eradicating poverty through legislative interventions and critical policies. “At the heart of every strategy championed by President Tinubu is the need to prioritize inclusive economic growth and development,” Shettima stated.
Highlighting the policy’s immediate impacts, Shettima noted the recent upgrade of Nigeria’s credit outlook to positive by Fitch Ratings. This upgrade, according to Shettima, reflects growing confidence in Nigeria’s economic trajectory, driven by reforms aimed at easing the nation’s debt service burden.
“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,” he added.
The Vice President also outlined several key measures to mitigate the immediate effects of the reforms. These include the Student Loan Act, which democratizes access to education, and relentless efforts by the Federal Ministry of Agriculture and Food Security to combat food insecurity.
“We are prioritizing 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,” Shettima noted.
The Vice President stressed the strategic and sustainable approach to inclusive growth, which has elevated economic and financial inclusion to the agenda of the National Economic Council (NEC). Here, all governors of Nigeria’s 36 states and the Federal Capital Territory (FCT) minister participate in crucial policy deliberations alongside other stakeholders.
