Vice President Kashim Shettima has reaffirmed President Bola Tinubu’s commitment to economic reforms aimed at achieving a trillion-dollar economy by 2030.
On Monday, Shettima inaugurated a Presidential Committee on Economic and Financial Inclusion (PreCEFI) at the State House in Abuja, and designed an initiative to bridge financial gaps and create a more inclusive economic system that benefits all Nigerians.
At the event was the signing of an investment agreement by private sector stakeholders to support the Aso Accord Initiative, a critical component of Tinubu’s Renewed Hope Agenda. Originally signed on April 25, 2024, the accord seeks to establish the foundational infrastructure needed to drive economic growth.
While the country’s financial inclusion rate has improved from 60.3% in 2012 to 74% in 2023, a significant portion of the population remains unbanked. This exclusion limits access to credit, investment opportunities, and formal economic participation, thereby stifling the growth of small businesses and reducing overall productivity.
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“Our road to a $1 trillion economy by 2030 shall remain a mere wish unless we lay a strong foundation. Dreams are not built on hope alone but on deliberate strategies inspired by our desire to win,” Shettima remarked.
He stressed that empowering micro, small, and medium enterprises (MSMEs) and startups is crucial for job creation and economic expansion. By providing financial access to those previously excluded from the formal system, the initiative is expected to unlock new business opportunities, stimulate investments, and drive industrialization.
To ensure effective implementation, the committee will function through a structured approach, including a Governance Committee (GovCo) responsible for policy direction, a Technical Committee (TechCo) focused on execution, and an Implementation Secretariat to coordinate activities.
IQS Africa, a leading investment consortium, has committed to providing the necessary infrastructure to support the Aso Accord. Other key stakeholders, including the National Economic Council and development partners, also expressed their commitment to supporting financial inclusion as a pathway to national prosperity.
