How Nigeria Plans to Achieve $1 Trillion Economy by 2030: Financial Inclusion Takes Center Stage

Nigeria has set its sights on an ambitious goal: transforming into a $1 trillion economy by 2030. To achieve this target, the federal government unveiled a new framework centered on economic and financial inclusion.

This initiative aims to combat poverty and empower all Nigerians through broader access to financial services.

The plan, unveiled by Vice President Kashim Shettima, builds upon the Aso Accord on Economic and Financial Inclusion, a multi-pronged strategy launched in April 2024.

This accord focuses on achieving universal access to financial products and services across the country. Shettima emphasized President Bola Tinubu’s administration’s dedication to financial inclusion, highlighting its role as a cornerstone of the administration’s economic agenda, the “Renewed Hope Agenda.”

This agenda seeks not only to propel Nigeria towards a $1 trillion economy but also to combat poverty and insecurity through broad-based economic prosperity. Shettima reiterated the administration’s belief that inclusive economic growth is paramount, citing the recent positive credit rating upgrade from Fitch Ratings as a sign of growing confidence in the government’s reform efforts.

The administration acknowledged the potential short-term challenges associated with these reforms. However, they pointed to mitigating measures already underway, including the Student Loan Act designed to increase access to education and efforts by the Ministry of Agriculture to combat food insecurity.

A crucial aspect of the financial inclusion plan is elevating the issue to the National Economic Council (NEC) , a platform where governors from all 36 states collaborate on crucial policy decisions. This move reflects the administration’s commitment to ensuring all stakeholders are involved in the initiative’s success.

The Vice President highlighted the importance of the implementation team, urging members to contribute their expertise and dedication to the $1 trillion economy project. Success, he emphasized, hinges on a “robust operating model” that drives financial inclusion nationwide. Stakeholder engagement was also underscored, with Shettima calling for full collaboration to develop solutions that benefit the over 30 million Nigerians currently excluded from the financial system.

Technical Advisor to the President on Financial Inclusion, Dr. Nurudeen Zauro, reported significant progress on implementing the Aso Accord, including securing funding from the Bill & Melinda Gates Foundation through the Lagos Business School. Zauro elaborated on efforts to establish a legal framework and operational model to ensure the project’s smooth implementation and alignment with the “Renewed Hope Agenda.”

Representatives from the Lagos Business School, financial institutions, and industry associations also participated in the meeting. The collaboration between the public and private sectors underscores the collective effort required to achieve Nigeria’s ambitious economic goals. With a clear vision and a comprehensive plan, Nigeria is poised to make significant strides towards financial inclusion and economic transformation in the coming years.