Vice President Kashim Shettima has reaffirmed President Bola Ahmed Tinubu’s commitment to economic reforms, prioritising inclusive growth and bridging financial gaps across the country.
Accordingly, he inaugurated the Presidential Committee on Economic and Financial Inclusion (PreCEFI) as 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, at the State House Banquet Hall, is a core pillar of the Tinubu administration’s Renewed Hope Agenda to transform the nation’s economy.
Speaking during the inauguration ceremony and sign-off of the investment commitments at the Presidential Villa, Abuja, the Vice President, in a statement by his spokesman, Stanley Nkwocha, called on all stakeholders to support the government’s effort to bridge financial gaps for millions of unbanked citizens.
He says 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 strong foundation 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.
The Vice President noted the progress made since the launch of the Financial Inclusion Strategy in 2012, explaining that inclusion rates have improved from 60.3% to 74% as of 2023 but 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 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 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,” VP Shettima stated.
Senator Shettima further noted that youth, women, micro, small, and medium enterprises (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.
The Vice President added that this framework “ensures that our approach is robust and 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 implementing the Aso Accord.
Earlier in his opening address, the Deputy Chief of Staff to the President (Office of the Vice President), Sen. Ibrahim Hassan Hadejia, said the composition of the Presidential Committee, with membership drawn from the subnational, key ministries, departments and agencies of the federal government, and the private sector, underscored President Tinubu’s commitment to attaining his administration’s trillion-dollar economic target.
On his part, the Technical Adviser to the President on Economic and Financial Inclusion, Dr Nurudeen Zauro, said the inauguration of the Presidential Committee is significant to Nigeria’s journey towards inclusive growth and the attainment of one trillion-dollar economy, noting that collaboration will be critical to the actualisation of all set objectives.
In a goodwill message, the Governor of Enugu State, Dr Peter Mbah, said economic and financial inclusion has been instrumental to the state’s astronomical increase in internally generated revenues, noting that growing the economy with the interest of the weak and vulnerable at heart is at the core of what the state government is doing.
In the same vein, Kaduna State Governor Sen. Uba Sani said financial inclusion for Nigeria was long overdue, just as he welcomed Vice President Shettima’s visionary leadership.
He noted that, beyond poverty, financial inclusion would help address many issues in the northern part of the country, where digital infrastructure and network connectivity are inadequate.
Delivering his remarks, the President/CEO of IQS, Mr Emmanuel Itapson, said, “The ideals of the Tinubu administration’s Renewed Hope Agenda are 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.
Praising President Tinubu’s exemplary leadership, Mr Itapson said, “No nation has ever achieved a significant 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.”
In his remarks, 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, noting that it will take responsibility for translating the vision of the Aso Accord into actionable and impactful reforms and programmes.
For his part, the Minister of Humanitarian Affairs, Disaster Management, and Social Development, Prof. Nentawe Yilwatda, said the ministry will 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.
Also, the National Security Adviser, Mallam Nuhu Ribadu, commended the Vice President’s leadership of the efforts to accelerate the ongoing reforms across different sectors in the country.
He said the administration’s financial inclusion efforts are a vehicle that will help Nigeria bring life to dead capital, adding that it should be taken more seriously by all stakeholders. He pledged support and commitment to Nigeria’s security and intelligence community.
The inauguration was also attended by heads of government agencies and departments, representatives of the private sector, development partners, and Civil Society Organisations, among others.
