Nigeria: $1trn Economy - Business Leaders Move to Sign Pact On Policy Reforms

What the report says

Nigeria’s presidency says the country’s goal of becoming a $1 trillion economy by 2030 will depend in part on drawing millions of economically active people and small business owners into the formal financial system. The remarks were made in Abuja by Dr. Nurudeen Abubakar Zauro, technical adviser to the president on economic and financial inclusion, ahead of a planned partnership between the Presidential Committee on Economic and Financial Inclusion and the Africa CEO Club.

According to the report, Zauro said financial inclusion should mean more than opening bank accounts. He argued that access to credit, savings, insurance, pensions, investment opportunities and broader markets is needed if the government’s economic agenda is to reach its full potential. He also pointed to digital public infrastructure, consumer protection and simpler onboarding as ways to reduce barriers, especially for people who lack formal identification or nearby banking services.

The partnership is tied to the Africa Blueprint Summit 2.0, scheduled for Abuja, where about 1,000 business leaders, investors, policymakers and regulators are expected from across Africa and the diaspora. Participants are expected to develop a “Builders’ Mandate” with policy requests for governments and commitments from the private sector. The Africa CEO Club said the summit will also focus on helping businesses become more durable and better structured, rather than collapsing when founders leave. The group said it will track implementation of the mandate through 2027.