By Abdullahi O. Haruna Haruspice
The Tinubu administration has set its sights on a bold and transformative economic vision, promising to bridge financial gaps and foster inclusive growth across Nigeria. In what appears to be a strategic leap towards this ambition, Vice President Kashim Shettima recently inaugurated the Presidential Committee on Economic and Financial Inclusion—a move designed to position Nigeria as a trillion-dollar economy by 2030.
The event, held at the State House Banquet Hall, was not just another routine gathering of policymakers. It also marked the signing of a landmark investment agreement under the Aso Accord Initiative, a critical component of the administration’s Renewed Hope Agenda. With this initiative, the government aims to reshape Nigeria’s financial landscape and create broader economic opportunities.
Big Dreams, Tough Realities
At the inauguration, Vice President Shettima did not mince words. He underscored the need for deliberate action and strategic planning if Nigeria is to realize its trillion-dollar dream.
“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.”
His statement was a reality check. While financial inclusion has improved—from 60.3% in 2012 to 74% in 2023—millions of Nigerians remain excluded from the financial ecosystem. Beneath the statistics lie the untold struggles of small business owners, rural populations, and marginalized groups who still lack access to essential financial services.
The newly established Presidential Committee on Economic and Financial Inclusion is, therefore, more than just another government policy initiative. Shettima described it as a national duty, a higher calling—one aimed at dismantling systemic barriers that prevent financial access for youth, women, micro, small, and medium enterprises (MSMEs), and rural populations.
“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.”
This initiative will operate through a Governance Committee and a Technical Committee, backed by an Implementation Secretariat to ensure financial inclusion efforts are robust, strategic, and adaptable to emerging challenges.
Crucially, the private sector has stepped forward as a key player. The signing of the Aso Accord investment agreement saw IQS Africa leading a consortium of investors committed to providing the critical infrastructure needed to drive the initiative. This reflects the government’s growing reliance on public-private partnerships (PPPs) to achieve its ambitious economic targets.
Ibrahim Hassan Hadejia, the Deputy Chief of Staff to the President (Office of the Vice President), reinforced this point, noting that the committee comprises representatives from state governments, key ministries, departments, agencies, and the private sector—a clear sign of collective commitment to Nigeria’s economic future.
State governors have also embraced the initiative, seeing financial inclusion as a powerful tool for local economic transformation. Governor Peter Mbah of Enugu State highlighted how financial inclusion has led to increased internally generated revenue (IGR) in his state. Similarly, Kaduna State Governor, Senator Uba Sani, acknowledged that financial inclusion is long overdue, especially in northern Nigeria, where limited digital infrastructure has deepened economic disparities. He commended Vice President Shettima’s leadership in tackling these long-standing challenges.
Public-Private Partnerships: The Game Changer?
The private sector’s backing of this initiative signals optimism. Emmanuel Itapson, President and CEO of IQS Africa, described the Renewed Hope Agenda as a defining moment in Nigeria’s economic trajectory.
“The agenda is a bold move to redefine the contours of opportunity and possibilities before the nation.”
This reinforces the idea that financial inclusion isn’t just about banking services; it’s about unlocking economic potential at all levels of society.
As Nigeria marches toward its trillion-dollar economy goal, the success of this initiative will depend on strategic planning, flawless execution, and sustained collaboration between the public and private sectors.
Yes, the Tinubu administration has laid a foundation. But will this be a genuine leap of faith—or another political jamboree?
Will this initiative truly transform Nigeria’s financial landscape, or will it be another well-crafted speech followed by little action?
The road ahead demands undiluted commitment, accountability, and bold reforms. Only then will this trillion-dollar dream become a tangible reality, rather than yet another recycled economic promise.
