Victor EzejaCentral Bank of of Nigeria (CBN) Governor, Dr Olayemi Cardoso, has stated that deepening financial inclusion is key to realising Nigeria’s $1 trillion economy target by 2030.
Dr Cardoso stated this in his welcome address at the second edition of the International Financial Inclusion Conference, held in Lagos on Tuesday, 12th November 2024.
Join our WhatsApp ChannelThe conference was held under the theme ‘Inclusive Growth: Harnessing Inclusion for Economic Development’.
The CBN governor emphasised that the gathering was to reflect on strategies to achieve the $1 trillion economy plan by 2030.
Cardoso stated that the CBN has been taking necessary measures to stabilise the economy, one of which is the monetary policy tightening aimed at taming soaring inflation in the country.
He explained that financial inclusion helps in achieving poverty reduction, employment creation, income equality and generally boosting productivity.
He added that financial inclusion means providing increased access to formal financial services that enable people to engage in economic activities to earn, save, invest, and contribute to the economy.
He noted that financial inclusion ensures that people have access to bank accounts, credit, savings, and other essential services that stimulate economic growth.
The apex bank boss further stated that better access to finance will enable Nigeria’s micro, small, and medium-sized businesses (MSMEs), which form the foundation of the country’s economy, to flourish, generating employment and increasing productivity.
According to him, SMEs account for more than 80% of jobs in Nigeria, but many of them have difficulty obtaining the credit they need to grow. He said that financial inclusion for SMEs is crucial to maximising the potential of this industry, and that the Federal Government is still dedicated to helping these businesses.
In pursuit of the realisation of the $trillion economy target by 2030, the CBN launched three initiatives geared towards deepening financial inclusion in the country.
The initiatives include the Women Entrepreneurs Finance Code (We-Fi Code), the Women Financial Inclusion Dashboard and the Roadmap for the Financial Inclusion of Forcibly Displaced Persons.
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The We-Fi Code is a platform created to change the financing environment for women-owned Micro, Small, and Medium Businesses worldwide, while the Women Financial Inclusion Dashboard enables policymakers and regulators to prioritise and identify gender disparities in financial services. The goal of the third initiative, the Roadmap for the Financial Inclusion of Forcibly Displaced Persons, is to mobilise the cooperation of financial institutions, regulatory agencies, government agencies, and non-governmental organisations in order to assist FDPs in removing financial obstacles, gaining access to necessary services, and laying the groundwork for their eventual economic independence.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
