Nigeria Targets $1 Trillion Economy by 2030 with New Financial Inclusion Drive

The Federal Government of Nigeria has taken a bold step towards economic transformation with the inauguration of the Presidential Committee on Economic and Financial Inclusion. This initiative, spearheaded by Vice President Kashim Shettima, underscores President Bola Tinubu’s commitment to fostering inclusive growth and bridging financial gaps across the nation.

A Vision for Inclusive Growth. ‏

At the State House in Abuja, Vice President Shettima emphasized that achieving Nigeria’s ambitious $1 trillion economy target by 2030 requires more than optimism. He stated, “Dreams are not built on hope alone. They are the sum of deliberate ideas and strategies, inspired by our desire to win.” This sentiment reflects the administration’s determination to create a robust foundation for economic prosperity.Since the launch of Nigeria’s Financial Inclusion Strategy in 2012, inclusion rates have improved from 60.3% to 74% as of 2023. However, millions of Nigerians remain excluded from the financial system. The newly inaugurated committee aims to address this gap by focusing on underserved groups such as youth, women, micro, small, and medium enterprises (MSMEs), and rural populations.

The Aso Accord Initiative: A Catalyst for Change

A key highlight of the event was the formalization of an investment agreement under the Aso Accord initiative. This public-private partnership is designed to provide foundational infrastructure essential for financial inclusion. The agreement was signed by Dr. Nurudeen Zauro, Technical Adviser to the President on Economic and Financial Inclusion, and Prof. Emmanuel Itapson, President/CEO of IQS Africa Limited, representing the private sector.IQS Africa leads a consortium of investors committed to implementing this transformative initiative. Prof. Itapson described the Renewed Hope Agenda as a “moonshot moment” for Nigeria, stating that visionary leadership and private-sector ingenuity are vital to achieving national development goals.

A Collaborative Framework for Success

The Presidential Committee will operate through a dual structure comprising a Governance Committee and a Technical Committee, supported by an Implementation Secretariat. This framework ensures adaptability to evolving challenges and opportunities in financial inclusion.Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hadeji‏a, highlighted that the committee’s composition—drawing members from sub-national governments, federal ministries, agencies, and private-sector stakeholders—demonstrates President Tinubu’s commitment to achieving economic transformation.

Stakeholder Support and Broader Implications

The inauguration ceremony drew commendations from various stakeholders:

• Enugu State Governor Dr. Peter Mbah praised financial inclusion as instrumental in boosting internally generated revenue.
• Kaduna State Governor Uba Sani highlighted its potential to address poverty and inadequate digital infrastructure in northern Nigeria.
• Minister of Finance Wale Edun pledged his ministry’s commitment to translating the Aso Accord vision into actionable reforms.
• National Security Adviser Nuhu Ribadu emphasized financial inclusion as a vehicle for unlocking dormant capital across Nigeria.

A Call to Action

Vice President Shettima urged all stakeholders—public and private—to rally behind this national effort. He stressed that bridging financial gaps is not merely a government initiative but a collective responsibility aimed at maximizing Nigeria’s economic potential.As Nigeria embarks on this transformative journey toward a $1 trillion economy by 2030, the success of this initiative will depend on sustained collaboration among all sectors of society. With deliberate strategies and unwavering commitment, the Tinubu administration aims to redefine Nigeria’s economic landscape for generations to come.