Vice President Kashim Shettima has said to achieve the government’s $1 trillion economy by 2030, a strong economic foundation must be a priority.
Naijaonpoint reports that Vice President Shettima said President Bola Tinubu was committed to economic reforms that prioritize inclusive growth and bridge financial gaps across the country.
He stated this on Monday when 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.
According to his spokesman, Stanley Knwocha, the event also witnessed the signing of an investment agreement by private sector stakeholders to provide the foundational infrastructure needed for the full operationalization of the Aso Accord initiative.
The accord signed on Thursday, 25th April 2024, at the State House Banquet Hall is a core pillar of the Tinubu administration’s 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 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 said.
Senator Shettima 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 catalyze 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 maximize the full potential of our people.
“The inauguration of this committee and the formalization 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,” he stated.
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 would 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 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.
Governor Peter Mbah, Wale Edun Commit To Financial Inclusion
In a goodwill message, the Governor of Enugu State, 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 his remarks, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the Ministry of Finance remains committed to the tasks assigned to the Presidential Committee, noting that it would take responsibility for translating the vision of the Aso Accord into actionable and impactful reforms and programmes.