Dr Nurudeen Abubakar Zauro, Technical Adviser to President Bola Tinubu on Economic and Financial Inclusion, has expressed confidence in the Tinubu administration’s focus on financial inclusion as a key driver of Nigeria’s economic growth.
Speaking at a global virtual town hall meeting, titled ‘Renewing the Hope of Nigerians through Economic and Financial Inclusion’, hosted by J.K. Adebola and monitored by The New Daily Prime, Zauro praised President Tinubu’s understanding of the financial system and the strategic steps being taken to address the country’s economic challenges.
He explained that the Tinubu-led administration has made financial inclusion a central part of its ‘Renewed Hope’ agenda. The goal is to expand access to formal financial services for a broader segment of the population.
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“With this administration, there are many issues at hand, but this is the first time we have a president who truly understands the economy and the financial system,” Zauro said. “He is determined to deliver real benefits to Nigerians.”
Zauro emphasised that the administration’s efforts focus on boosting economic and financial inclusion through a range of initiatives. “We are working hard to restore Nigeria’s position as the leader of Africa and a key player in the global economy.”
Since Nigeria’s first National Financial Inclusion Strategy was launched in 2012, the country has achieved 80% inclusion, but 20% of the population remains excluded. However, with new policy reforms, the government is now aiming for 95% financial inclusion by 2024.
Zauro pointed out that financial inclusion goes beyond simply opening bank accounts. It also involves encouraging the use of services such as savings, credit, insurance, and pensions. Recent innovations like agency banking and mobile technology have helped make these services more accessible, especially in rural areas.
The government’s focus, he added, is on making financial products affordable and sustainable, which will contribute to long-term economic growth. “The renewed hope agenda puts economic and financial inclusion at its core,” Zauro said.
He highlighted that the administration has been able to provide access to formal financial services for the poor and vulnerable, ensuring that all Nigerians who are economically active can benefit from these services.
While Nigeria has made progress since 2012, Zauro acknowledged that challenges remain. Efforts are ongoing, particularly in addressing regional disparities, with northern Nigeria still facing high levels of financial exclusion.
In closing, Zauro stressed that non-interest financial services, tailored to respect cultural and religious sensitivities, are also being prioritised. The administration is focused on building a more inclusive financial system, particularly for small and medium-sized enterprises (SMEs), which are vital for economic growth.
Although full financial inclusion has not yet been achieved, Zauro remains confident that the steps taken by the Tinubu administration are positioning Nigeria as a leader in both Africa and the global economy
By Dr. Vincent Ajayi & Friday Omosola
