According to Vice President Kashim Shettima, a solid economic base must be a top focus if the government is to reach its $1 trillion economy by 2030.
Vice President Shettima reportedly stated that President Bola Tinubu was dedicated to economic reforms that prioritize inclusive growth and close the nation’s financial disparities.
As part of the federal government’s aim to creating a trillion-dollar economy by 2030, he made this statement on Monday when he established the Presidential Committee on Economic and Financial Inclusion (PreCEFI).
At the ceremony, business sector stakeholders also signed an investment agreement to create the fundamental infrastructure required for the Aso Accord effort to fully operationalize, according to his spokesperson Stanley Knwocha.
A key component of the Tinubu administration’s plan to overhaul the country’s economy is the agreement that was signed on Thursday, April 25, 2024, at the State House Banquet Hall.
The Vice President urged all parties involved to back the government’s endeavor to close financial gaps for millions of unbanked persons during the inauguration event and signing off of the investment pledges at the Presidential Villa in Abuja.
According to him, Nigeria’s economic goals call for thoughtful concepts and tactics motivated by our will to succeed rather than just optimism.
“Unless we build a solid basis to support our aspirations, our path to a $1 trillion economy by 2030 will remain a pipe dream. Hope alone is not the foundation of dreams. They are the culmination of thoughtful plans and tactics motivated by our will to succeed,” he stated.
Although inclusion rates have increased from 60.3% to 74% as of 2023, Senator Shettima pointed out the advancements since the Financial Inclusion Strategy’s inception in 2012, adding that behind these numbers are untold tales of millions of people who are still unable to access the financial system.
“We applaud this investment as a chance to boost our MSMEs and startups, generate employment, and move Nigeria closer to its 2030 economic goal of $1 trillion. It’s not just another government project. This is a greater calling—a national obligation to maximize our people’s potential and close the economic gap.
The National Economic Council (NEC) has supported President Tinubu’s commitment to an inclusive economy, which is furthered by the creation of this committee and the officialization of this investment promise.
“We are still committed to reducing the immediate consequences of economic changes, increasing access to capital, and making sure that all Nigerians, irrespective of their location or social standing, are included in our economic development narrative. But those of us assembled here now bear the burden of this vision,” he said.
Youth, women, MSMEs, rural communities, and specific areas have all continued “to face systemic barriers that deny them the opportunity to reach their full economic potential,” according to Shettima.
He clarified that an Implementation Secretariat would assist the new Presidential Committee, which would function through the Governance Committee (GovCo) and a Technical Committee (TechCo).
This structure “ensures that our approach is not only robust but also adaptable to evolving challenges and opportunities in financial and economic inclusion,” the vice president continued.
In the meantime, IQS Africa is in charge of a group of core investors dedicated to supplying the necessary infrastructure for the execution of the Aso Accord.
Wale Edun and Governor Peter Mbah Are Dedicated To Financial Inclusion
Peter Mbah, the governor of Enugu State, stated in a goodwill message that the state’s enormous increase in internally generated revenue is largely due to economic and financial inclusion. He also pointed out that the state government’s main goal is to grow the economy while keeping the weak and vulnerable at the center of its efforts.
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Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, stated in his remarks that the Ministry of Finance is still dedicated to the duties given to the Presidential Committee and that it will be in charge of converting the Aso Accord’s vision into meaningful and practical reforms and initiatives.
