Lagos State Governor, Babajide Sanwo-Olu has urged various governments and stakeholders in Nigeria to remain focused on building a more inclusive economy, where no one is left behind, where every voice matters, and every individual has a fair chance to succeed.
Sanwo-Olu made the call on Tuesday, while speaking at the 2024 International Financial Inclusion Conference (IFIC 2024), organised by the Central Bank of Nigeria (CBN), with the theme ‘Inclusive Growth: Harnessing Financial Inclusion for Economic Development’.
Speaking at the event, held at Landmark Event Centre, Victoria Island, Lagos, the Governor, who was represented by his Deputy, Obafemi Hamzat urged everyone to focus on the pursuit of financial inclusion, saying that this should be done with passion, purpose, and a shared vision of a Nigeria where every citizen has access to the tools and resources they needed to prosper.
According to him, the focus should be on building a more inclusive economy where no one is left behind, where every voice matters, and where every individual has a fair chance to succeed.
“Let us continue this work with passion, purpose, and a shared vision of a Nigeria where every citizen has access to the tools and resources they need to prosper.
“Let us remain focused on building a more inclusive economy where no one is left behind, where every voice matters, and where every individual has a fair chance to succeed,” Governor Sanwo-Olu counseled.
On the aptness of the theme of the event, Sanwo-Olu stressed that financial inclusion was ultimately about people, lifting them out of poverty, empowering them to make choices, and enabling them to build better lives for themselves and their families, adding that it was about ensuring that hardworking people can contribute and benefit from the economic growth of the nation.
The governor elucidated that in Lagos and across Nigeria, ensuring financial inclusion meant creating pathways for millions of her citizens to access opportunities and to rise beyond limitations that poverty, unemployment, and geographic constraints might impose.
He highlighted that the state and nation had seen the positive impact of small business owners, artisans, and traders, who with the access to financial tools, had moved from barely surviving to thriving.
This was just as noted that technology must be accompanied by a human-centered approach that values the needs, culture, and aspirations of the people it sought to serve.
“In Lagos, we are embracing the advancements of technology and supporting policies that foster Fintech growth. We believe that technology is a vital tool for empowering people economically, especially when deployed with inclusivity at its core,” Sanwo-Olu said.
Speaking further, Governor Sanwo-Olu affirmed that the government recognized its role in facilitating the journey of small business owners by removing barriers, enabling policies that protect and empower, and collaborating with financial institutions to ensure that these opportunities were available to everyone.
The governor commended the CBN and its partners for fostering a more inclusive financial landscape in the country, noting that their efforts were yielding results, even as he admonished Nigerians not to become disillusioned, assuring that the road ahead is still long and, therefore, much still needed to be done.
The CBN Governor, Yemi Cardoso, in his welcome address, said that the Apex bank had been working assiduously to stabilise the economy, working through monetary policy to tame inflation and rebuild the confidence of the Nigerian people in its economy.
Cardoso emphasised that financial inclusion was central to achieving broad-based economic growth, stressing that Economically, financial inclusion impacts poverty reduction, income equality, employment generation, and overall productivity.
“When more people have access to formal financial services, they are better able to save, invest, and contribute to the economy,” Cardoso said.
Cardoso, while noting that financial inclusion ensures that people have access to bank accounts, credit, savings, and other essential services, maintained that widespread access to financial services is an enabler of economic activity.
According to him, Micro, small, and medium enterprises (MSMEs) which are the backbone of Nigeria’s economy can thrive with improved access to credit, creating jobs and boosting productivity.
The CBN Governor reiterated that financial inclusion was foundational to Nigeria’s sustainable economic development, saying that the Apex bank was keen on ensuring its Financial Inclusion Policies and Initiatives address the peculiar access to finance barriers for underserved populations, particularly women, youth, and MSMEs.
Furthermore, Cardoso emphasized that financial inclusion had the potential to unlock significant economic growth, particularly through the empowerment of SMEs, women and other vulnerable segments of the population.
He disclosed that SMEs were responsible for over 80% of employment in Nigeria, yet many struggle to access the credit needed for expansion, adding that financial inclusion for SMEs was essential to unlock the full potential of this sector, which he said the Federal Government remained committed to supporting these enterprises.
Earlier in his opening remark, the Deputy Governor, Financial System Stability (FSS) at the Central Bank of Nigeria (CBN), Mr. Philip Ikeazor, stressed the importance of the conference, saying that it offered an invaluable opportunity to share insights, challenge assumptions, and explore new strategies that would bring citizens closer to achieving the shared goal of inclusive economic growth.
Ikeazor stated equally affirmed that the CBN was committed to fostering collaborations among different stakeholders to ensure that financial inclusion initiatives were effectively implemented across the country.
He maintained that financial inclusion is the cornerstone of any robust economic development strategy, noting that the government was unlocking the potential for sustainable and inclusive growth to ensure that all citizens, especially those in underserved regions, have access to essential financial services.
“As we look ahead, it is clear that achieving 95% financial inclusion in Nigeria requires concerted efforts from all stakeholders—government agencies, financial institutions, Financial Technology companies, development organizations, and civil society,” he said.
On the launch of the National Financial Inclusion Strategy in 2012 which serves as a roadmap towards reducing the country’s adult financial exclusion rate,
Ikeazor highlighted that the CBN and the stakeholders, since the launch of the strategy which is currently in its third iteration, had worked tirelessly to reduce financial exclusion rates, saying that owing to these efforts, the exclusion rate had dropped from 46.3% in 2010 to 26% as of 2023.
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