The Federal Government’s push toward a $1 trillion economy has gained strong support through key partnerships with the Partnership for Learning for All in Nigeria and the Foreign, Commonwealth, and Development Office (FCDO), aimed at advancing financial inclusion governance.
This commitment, the government explained, led to its decision to enhance the governance of national financial inclusion efforts, bringing together all stakeholders, including the Office of the Vice President and the Central Bank of Nigeria (CBN).
During a high-level economic workshop in Abuja on Thursday, Ibrahim Hadejia, Deputy Chief of Staff to the President (Office of the Vice President), emphasised that the success of the government’s social intervention programs relies heavily on the country’s rapidly digitizing payment systems.
“Financial inclusion has always been within the mandate of the Central Bank but over the years, the targets have been missed. What the Presidency has decided to do is to provide a leading role in galvanising stakeholders who are part of that mandate.”
Financial exclusion has decreased from 46% in 2012 to the current rate of 26%. However, the government emphasised that this improvement is still insufficient to fully support ongoing economic reforms.
“If we don’t achieve financial inclusion, every government programme aimed to have a remedial impact on the most vulnerable may not have its needed impact,” Hadejia warned.
He said the push for financial inclusion has become more urgent as government services continue to digitize.
“Many government programs now involve targeted interventions that have transitioned to digital payment platforms. Without advancing financial inclusion, our efforts will be in vain,” he added.
“Nigeria is at the forefront of the fintech industry. Outside banks now, there are a lot of institutions licensed by the government to provide financial services that are not essentially full banking services that would enable most of these financially excluded people to participate,” Hadejia explained.
Nurudeen Zauro, Technical Advisor to the President on Economic and Financial Inclusion, recently discussed the evolution of Nigeria’s financial inclusion strategy.
He noted that the journey began in 2012 with the launch of the National Financial Inclusion Strategy.
“We have a population of over 200 million and a GDP of $472 billion, yet less than 1% are insured, and 43% live below the poverty line,” Zauro stated, underscoring the need for a broader financial inclusion effort.
The initiative has gained momentum through partnerships with PLANE and the FCDO, with banking penetration rising from 25% in 2008 to 52% by 2023.
According to Zauro, the Aso Accord, signed in April 2024, represents one of Nigeria’s strongest commitments to economic and financial inclusion. He emphasized that this strategy aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda and the nation’s $1 trillion economic vision.
“We’re not just presenting numbers; we’re creating real opportunities for over 30 million excluded Nigerian adults. This involves six key drivers: easy access, a broad range of services, customized solutions, affordability, enhanced opportunities, and sustainability,” Zauro explained.
He highlighted the critical role of financial literacy, noting that PLANE’s partnership focuses on innovative learning approaches for non-state actors, aiming to boost financial awareness among vulnerable populations.
Zauro added, “Economic and financial inclusion must offer real economic opportunities. People need to be gainfully employed so that when they enter the financial system, they have a reason to use their accounts.”
High Chief Temitope Fawehinmi, the First Gbajeniyi of Egbaland and Ambassador for Financial Inclusion stressed the importance of reaching grassroots communities to alleviate poverty.
“As an ambassador, I am committed to ensuring everyone, especially the vulnerable, can benefit from the federal government’s programs,” she said.
James Fadokun, Country Lead of PLANE, noted FCDO’s support for Nigeria’s “education for all” initiative, especially non-state schools and skill centres serving vulnerable populations.
“We are building an ecosystem to support both private and public sector schools in enhancing financial literacy curriculum development,” he stated. Fadokun explained that PLANE’s strategy aligns with the financial inclusion goals set out in the Aso Accord, specifically within the education sector.
Sale Kwaru, National President of Non-State Schools of Nigeria, praised the commitment of the Presidency, PLANE, and FCDO, expressing confidence that it will integrate the poor and vulnerable into Nigeria’s financial systems.
