Tinubu determines to tackle poverty, sets target of $1 trillion economy by 2030
President Bola Tinubu
Tinubu determines to tackle poverty, sets target of $1 trillion economy by 2030.
To bridge the gap between the rich and the poor, the administration of President Bola Ahmed Tinubu has said that it is putting sustainable mechanisms in place to build a $1 trillion economy by 2030.
The Deputy Chief of Staff to the President, (Office of the Vice President), Senator Ibrahim Hadejia, disclosed this on Thursday at the 8th Annual national conference of The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), holding in Benin, Edo State.
Hadejia who was represented by the Technical Advisor to the President on Economic and Financial Inclusion, Nurudeen Abubakar Zauro, assured that the government is committed to pursuing economic and financial inclusion with all sector players to achieve its goal.
He said: “As we seek to achieve this milestone, financial inclusion is at the heart of our economic agenda, ensuring that all Nigerians—regardless of location, gender, or socioeconomic status—are not only included but also empowered in our financial system.
“This has been made evident in the administration’s effort to boost access to credit for micro, small, medium, and nano enterprises (MSMSNE), and various other programs targeted at enhancing inclusive growth through economic and financial inclusion.”
According to Hadejia, a review of key financial inclusion data reveals that while substantial progress has been made, with around 26% of the adult population—primarily women, rural dwellers, and small business owners—as financially excluded.
“As we work toward our 2030 economic goal, it is critical that we focus on narrowing these gaps.
“This is where Neighborhood Financial Inclusion Centers (NFIC) play a pivotal role at providing a one-stop shop for financial services in excluded communities.
“Through proactive partnerships with government and financial institutions, these centres will address both the physical and digital barriers that prevent millions of Nigerians from accessing essential financial services especially amongst the economically poor to improve their resilience against economic shocks.”
He therefore called for a collaborative approach by all key players to presents a better chance to improve the adoption of innovative products and services to serve the people.
“Let me assure you, the Vice President, Sen Kashim Shettima (GCON) also doubles as the chairman of the National Economic Council and is ready to provide support required by the ecosystem to address any concerns hindering progress in this ecosystem.
“He looks forward to the recommendation from this workshop on how to deliver impactful women-focused credit schemes and digital literacy programs using agent networks as a focal point in Nigeria’s economic growth,” Senator Hadejia said.
In his goodwill message, Edo State Governor, Mr Godwin Obaseki, noted that AMMBAN plays a vital role in promoting financial inclusion, as it bridges the gap in financial accessibility, and driving economic growth in Nigeria.
Obaseki who was represented by the Permanent Secretary, Ministry of Finance, Mr, commended AMMBAN for providing efficient and innovative financial services to underserved communities.
He disclosed that his administration has created conducive environment for businesses to thrive, promoting economic growth, and improving the lives of citizens.
“The enabling environment created by my administration for financial inclusion amongst others has facilitated the alleviation of poverty and reduction in the unemployment through the several job outlets created in the financial services especially among Points of Sale (POS) Agents,” Obaseki said.
Also speaking, CBN’s Deputy Governor (FSS), Philip Ikeazor, described financial inclusion as more than a policy goal, but a pathway to economic empowerment, poverty reduction, and sustainable development.
He however despite the progress in urban areas, rural regions continue to lag behind in financial inclusion.
“As we move forward, we must ensure that no one is left behind. Together, we can create a future where every Nigerian has access to the financial tools and services they need to thrive,” Ikeazor said.
Earlier in his welcome address, AMMBAN’s national, Fasasi Saratadeen Atanda, noted that the conference is unique as it is meant to match data on access to financial inclusion with actions.
He added that the conference will also provide opportunity for all participants to know what actions are being taken by all financial inclusion stakeholders, namely, the CBN, federal government, state government, financial institutions, security agencies, customers, etc.
“As at the last EFinA report in 2023, financial inclusion was at 64% but on the ground, over 300 local government areas in Nigeria are without bank branches (AMMBAN Survey, 2024).”
“AMMBAN introduced a one-stop shop for financial services, offering NIN, BVN, account opening, card issuance, Sim registration, savings, credit insurance etc, across the excluded local government areas,” he said.
Tinubu determines to tackle poverty, sets target of $1 trillion economy by 2030.
According to him, data showed that Nigerian banks lost N42.68 to fraud in in the second quarter of 2024, and most were traced to agent locations through the use of stolen cards or phones, fake alerts, ransom cashout, etc.
To combat that, Atanda said his association introduced an automated verifiable identity card for agents and launched a joint Task Force (JTF) in conjunction with the office of the Inspector-General of Police (IGP), DSS, NSCOC and other securny agences.
“AMMBAN has indeed led the way of data to actions by turning our insights into inclusive financial solutions (NFIC, Agent QR-coded ID card, Agent joint Task Force, AMMBAN cooperative, AMMBAN women wing etc),” he said.
