FG launches model to transform Nigeria into $1tr economy by 2030

The project is designed to combat poverty and catalyse sustainable economic growth from the ground up.

Vice President Kashim Shettima said the initiative symbolises the commitment of President Bola Tinubu’s administration to enhancing financial and economic inclusion across Nigeria.

Senator Shettima spoke on Wednesday during the Kick-off meeting for the initiative to set up an Operating Model for Economic and Financial Inclusion.
The federal government 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 $1trn economy by 2030, while combating poverty and insecurity through broad-based prosperity.

Addressing members of the team and other stakeholders at the maiden meeting, the Vice President noted that the idea is to provide access to capital and eradicate poverty through legislative interventions and critical policies.

According to Shettima, at the heart of every strategy championed by President Tinubu, there has been the need to prioritise inclusive economic growth and development.

He listed some positive results the efforts have yielded including, the recent upgrade of Nigeria’s credit outlook to positive by Fitch Ratings, noting that it is in recognition of the reform progress under President Tinubu.

“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.

“Hence, we are prioritising 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”.

VP Shettima pointed out that due to the administration’s belief that its approach to inclusive growth must be strategic and sustainable, economic and financial inclusion was elevated to the agenda of the National Economic Council (NEC), where all governors of the 36 states and the FCT minister participate in crucial policy deliberations alongside other stakeholders.

He implored members of the implementation team and all stakeholders involved in the initiative to recognise the weight of their responsibility, saying what they have at hand is a vital national assignment.

The Vice President stated: “You have been entrusted with a vital national assignment, and I have full confidence that you will bring your best efforts to ensure its success.

“As we embark on this essential initiative, I call upon each of you to contribute your insights, expertise, and dedication. Only through such resolve and discipline can we forge a robust operating model that will drive economic and financial inclusion across our nation, ensuring every Nigerian has the opportunity to thrive.

“I also implore the implementation team to engage all stakeholders fully. There is no greater calling than developing solutions to alleviate the impact of ongoing economic reforms on over 30 million financially excluded Nigerians, propelling Nigeria towards sustainable and inclusive growth”.