Shettima: $1 Trillion Economy by 2030 Impossible Without Strong Foundation

Vice President Kashim Shettima has stated that a solid economic base must be a top goal in order to reach the government’s $1 trillion economy by 2030.
According to reports, Vice President Shettima stated that President Bola Tinubu was dedicated to economic reforms that promote inclusive growth and close the nation’s debt.
He made this declaration on Monday when he established the Presidential Committee on Economic and Financial Inclusion (PreCEFI), which is a component of the federal government’s 2030 trillion-dollar GDP goal.

His spokesperson, Stanley Knwocha, stated that private sector participants also signed an investment agreement at the event to supply the necessary infrastructure for the Aso Accord plan to fully operationalize.

The agreement is a fundamental component of the Tinubu administration’s plan to restructure the country’s economy, and it was signed on Thursday, April 25, 2024, at the State House Banquet Hall.

During the signing of the investment commitments and the inauguration event at the Presidential Villa in Abuja, the vice president urged all parties involved to back the government’s endeavor to close the financial gaps facing millions of unbanked individuals.

He asserts that Nigeria’s economic goals call for intelligent plans and methods motivated by our will to succeed rather than just optimism.

Without a solid basis, our goal of having a $1 trillion economy by 2030 would remain just a hope. Hope alone does not create dreams. “They are the culmination of intentional concepts and tactics, motivated by our ambition to succeed,” he stated.

Senator Shettima underlined the advancements since the Financial Inclusion Strategy was introduced in 2012, stating that as of 2023, inclusion rates have increased from 60.3% to 74%. However, she also pointed out that behind these numbers are untold tales of millions of people who are still unable to access the financial system.

“This investment is welcomed as a chance to boost our startups and MSMEs, generate employment, and move Nigeria closer to its 2030 economic goal of $1 trillion. This is not just one more government project. It is our national responsibility to close the economic gap and realize the full potential of our people; this is a higher calling.

Initiating this committee and formally committing to this investment strengthen President Tinubu’s commitment to an inclusive economy, which the National Economic Council (NEC) has supported.

We’re still committed to reducing the immediate consequences of economic reforms, increasing access to financing, and making sure that all Nigerians, regardless of location or social standing, are included in our narrative of economic progress. But the responsibility for this vision lies with everyone of us assembled here today,” he said.

Shettima also pointed out that particular regions, rural populations, women, youth, and micro, small, and medium-sized businesses (MSMEs) have all continued “to encounter institutional impediments that deny them.

The new Presidential Committee, he clarified, will function through a Technical Committee (TechCo) and Governance Committee (GovCo), with the assistance of an Implementation Secretariat.

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This framework, the vice president continued, “ensures that our approach is not only robust but also adaptable to evolving challenges and opportunities in financial and economic inclusion.”

Leading a group of key investors dedicated to supplying the necessary infrastructure for the Aso Accord’s execution is IQS Africa in the interim.

Governors Wale Edun and Peter Mbah are dedicated to financial inclusion.
Peter Mbah, the governor of Enugu State, stated in a word of goodwill that financial and economic inclusion have been crucial to the state’s phenomenal rise in internally generated income and that the state government’s main goal is to grow the economy while keeping the weak and vulnerable in mind.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, stated in his remarks that the Ministry of Finance is still dedicated to the work given to the Presidential Committee and that it will be in charge of converting the Aso Accord’s vision into meaningful and practical reforms and initiatives.