Expert body set up to drive Nigeria’s financial inclusion amid digital trade gains

Nigeria is banking on financial inclusion as one of the avenues to usher in a stronger digital economy for the country. In the light of this, a dedicated panel aimed at steering the country’s financial inclusion efforts was put in place recently and inaugurated by Vice President Kashim Shettima.

While inaugurating the Presidential Committee on Economic and Financial Inclusion in Abuja, the VP said the move is in line with President Bola Tinubu’s vision of triggering economic growth and bridging the vast poverty gap in the country, Punch reports.

The body shall work through Governance and Technical Committees and with support from an Implementation Secretariat.

The inauguration event also saw the conclusion of investment commitments from the private sector to accompany the government in realizing its financial inclusion goals via an initiative dubbed the Aso Accord which is intended to facilitate universal access to financial services across the country.

Shettima said part of the reason for advancing financial inclusion is to make Nigeria a trillion-dollar economy by 2030, an objective for which he said a sturdy foundation must be laid. Another country like India also has similar ambitions of using its digital Stack to become a trillion-dollar digital economy in the next five years.

“Our road to a $1tn 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,” Shettima said as quoted by Punch.

“The inauguration of this committee and the formalization of this investment commitment reinforce President Tinubu’s pledge to an inclusive economy – a vision that has been endorsed by the National Economic Council,” he added.

Per the VP, the work of the panel will build on the gains achieved through a national financial inclusion strategy launched in 2012 which has seen the rate of financial inclusion in Nigeria go up to about 74 percent as of 2023.

EU explores avenues to support digital economy devt

One of the partners available to assist Nigeria in its digital economy push is the European Union.

Through its Global Gateway Strategy, the body has been engaging with local partners in the country to find ways of supporting investments aimed at advancing Nigeria’s digital transformation actions, according to TV360 Nigeria.

During a recent meeting with some representative of Nigeria’s private sector in the commercial capital Lagos, the head of cooperation at the EU delegation to Nigeria, Massimo De Luca, discussed the EU’s support for several tech-driven initiatives. These initiatives relate to connectivity and other digital infrastructure such as the rollout of a 90,000 km optic fibre cable, digital literacy and skills development, among other things. They also shared views on how the EU can support opportunities for digital entrepreneurship.

The EU, through the European Investment Bank, is already supporting Nigeria with funding for the national digital ID project currently being implemented.

Nigeria records digital trade milestone

Speaking recently at a workshop to discuss Nigeria’s economy and export potential, VP Shettima said Nigeria was recently designated as Africa’s Digital Trade Champion during the 38th heads of state and government summit of the Africa Union which took place in Addis Ababa this month.

According to information from the presidency, the designation reflects Nigeria’s successes in digital commerce, digital services, and innovation. It also shows the country’s contributions to African Continental Free Trade Area (AfCFTA) initiative, which aims to enhance intra-Africa trade by about 50 percent by 2030.

The VP, speaking through the Minister of Industry, Trade and Investment, said innovations by Nigeria in mobile payments have transformed cross-border payments, financial inclusion, and digital transactions across the continent, adding that other national initiatives “are leading this growth and opening up opportunities for access to high-quality Nigerian talent at a global scale.”

Other speakers during the workshop highlighted Nigeria’s digital economy potential, citing the over 109 million internet users the country has which is vital for active digital economy participation.

Article Topics

Africa  |  digital economy  |  digital identity  |  Europe  |  financial inclusion  |  financial services  |  investment  |  Nigeria