FG plans $1trillion economy by 2030

The Federal Government says it is putting sustainable mechanisms in place to build a $1trillion economy by 2030.

Ibrahim Hadejia, deputy chief of staff to the president, (Office of the Vice President), disclosed the plan at the 8th annual National Conference of Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), in Benin, Edo State.

Hadejia said that the mechanisms are part of President Bola Ahmed Tinubu government’s policy to bridge the gap between the rich and the poor.

Hadejia, who was represented by Nurudeen Abubakar Zauro, Technical Advisor to the President on Economic and Financial Inclusion, assured that the government is committed to pursuing economic and financial inclusion with all sector players to achieve its goal.

According to him, as we seek to achieve this milestone, financial inclusion is at the heart of our economic agenda, ensuring that all Nigerians, regardless of location, gender, or socioeconomic status, are not only included but also empowered in our financial system.

“This has been made evident in the administration’s effort to boost access to credit for Micro, Small, Medium, and Nano Enterprises (MSMSNE), and various other programmes targeted at enhancing inclusive growth through economic and financial inclusion.

“A review of key financial inclusion data reveals that while substantial progress has been made, with around 26 percent of adult population, primarily women, rural dwellers, and small business owners, as financially excluded.

“As we work toward our 2030 economic goal, it is critical that we focus on narrowing these gaps.

“This is where Neighborhood Financial Inclusion Centers (NFIC) play a pivotal role at providing a one-stop-shop for financial services in excluded communities.

“Through proactive partnerships with government and financial institutions, these centres will address both the physical and digital barriers that prevent millions of Nigerians from accessing essential financial services, especially among the economically poor to improve their resilience against economic shocks,” he said.

He called for a collaborative approach by all key players to presents a better chance to improve the adoption of innovative products and services to serve the people.

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He assured that Kashim Shettima, vice president, who also doubles as the chairman of the National Economic Council, was ready to provide support required by the ecosystem to address any concerns hindering its progress.

“The vice president looks forward to the recommendation from this workshop on how to deliver impactful women-focused credit schemes and digital literacy programmes using agent networks as a focal point in Nigeria’s economic growth,” he added.

In his goodwill message, Godwin Obaseki, Edo State governor, noted that AMMBAN plays a vital role in promoting financial inclusion, as it bridges the gap in financial accessibility, and drives economic growth in Nigeria.

Obaseki, who was represented by Bernard Aigbe, Permanent Secretary, Ministry of Finance, commended AMMBAN for providing efficient and innovative financial services to underserved communities.

He disclosed that his administration has created conducive environment for businesses to thrive, promoting economic growth, and improving the lives of citizens.

“The enabling environment created by my administration for financial inclusion among others, has facilitated the alleviation of poverty and reduction in unemployment through several job outlets created in the financial services especially among Points of Sale (POS) Agents,” Obaseki added.

On his part, Philip Ikeazor, CBN’s deputy governor (FSS), described financial inclusion as more than a policy goal, but a pathway to economic empowerment, poverty reduction, and sustainable development.

He opined that despite the progress in urban areas, rural areas continue to lag in financial inclusion.

“As we move forward, we must ensure that no one is left behind. Together, we can create a future where every Nigerian has access to the financial tools and services they need to thrive,” he stated.