Federal Government Launches ‘Aso Accord’ for Financial Inclusion with Gates Foundation Support
The federal government has introduced the ‘Aso Accord,’ a new financial inclusion initiative funded by the Bill & Melinda Gates Foundation. Vice-President Kashim Shettima launched the programme’s operating model on Wednesday, marking the start of its implementation process.
Stanley Nkwocha, the vice-president’s media aide, explained that this initiative aims to alleviate poverty and stimulate sustainable economic growth. Shettima emphasized that the project reflects the federal government’s dedication to improving financial and economic inclusion throughout Nigeria.
Unveiled on April 25, the ‘Aso Accord’ is a comprehensive plan designed to ensure universal access to financial services. This initiative is a cornerstone of the administration’s vision to transform Nigeria into a $1 trillion economy by 2030, addressing poverty and insecurity through widespread prosperity.
During the launch meeting, Shettima highlighted the goal of providing capital access and eradicating poverty through legislative measures and critical policies. He noted that inclusive economic growth and development are central to the president’s strategies.
Shettima pointed out positive outcomes from these efforts, such as Fitch Ratings’ recent upgrade of Nigeria’s credit outlook to positive. He acknowledged that this reflects growing confidence in Nigeria’s economic direction, particularly due to policy changes aimed at reducing debt service burdens. However, he stressed the importance of mitigating short-term impacts of these reforms, citing the student loan act and initiatives by the federal ministry of agriculture and food security.
Shettima emphasized the strategic and sustainable approach to inclusive growth, elevating economic and financial inclusion to the National Economic Council’s (NEC) agenda. He urged the implementation team and stakeholders to recognize their crucial role in this initiative.
“You have been entrusted with a vital national assignment, and I have full confidence that you will bring your best efforts to ensure its success,” Shettima stated. “As we embark on this essential initiative, I call upon each of you to contribute your insights, expertise, and dedication. Only through such resolve and discipline can we forge a robust operating model that will drive economic and financial inclusion across our nation, ensuring every Nigerian has the opportunity to thrive.”
Nurudeen Zauro, technical advisor to the president on financial inclusion, praised the vice-president’s support for the accord’s signing and implementation. He mentioned that the operationalisation of the accord has received funding from the Bill & Melinda Gates Foundation through the Lagos Business School.
“We have been setting up the operating model and legal framework to ensure that the project takes off smoothly and aligns with the Renewed Hope Agenda,” Zauro said, adding that partners like Augmentum Advisory, Banwo & Ighodalo, and Ndarani (SAN) & CO. are involved in the project.
Zauro also noted plans for capacity-building initiatives and high-profile training for permanent secretaries and finance commissioners to ensure practical financial inclusion knowledge is effectively disseminated.
Olayinka David-West, project manager at Lagos Business School, commended the government for prioritizing economic and financial inclusion by signing the Aso Accord. She mentioned that the LBS team, in collaboration with the vice-president’s office and other stakeholders, is working on the legal framework and national coordination to ensure the initiative’s success across Nigeria.
