Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has emphasized that empowering Nigerians to save, invest, and thrive is crucial for reducing poverty and boosting economic growth. Speaking at the 2nd International Finance Inclusion Conference (IFIC) in Lagos, Cardoso highlighted the vital role of financial inclusion in achieving economic progress.
“Financial inclusion is not just a goal; it is key to poverty reduction, income equality, and economic growth,” he stated, underscoring the importance of enabling Nigerians to access financial services. “For Nigeria, this means empowering citizens to save, invest, and thrive economically,” Cardoso added.
The CBN governor also highlighted the critical contribution of women to Nigeria’s economic growth, despite the financial barriers they face. “When women thrive financially, they uplift families and communities,” he said, reaffirming CBN’s commitment to closing this gap by supporting women and youth toward financial independence.
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Cardoso pledged to reduce obstacles to financial access, stating, “By reaching the unbanked, we are building a resilient, $1 trillion economy.”
According to the CBN, Nigeria is making strides in financial inclusion through resilient policies, digital innovation, and financial literacy programs designed to equip young Nigerians for financial independence, encourage entrepreneurship, and promote sustainable growth.
Philip Ikeazor, CBN’s Deputy Governor of Financial System Stability, called for strengthened collaboration across government, private sector, FinTech, and civil society to achieve the ambitious target of 95 percent financial inclusion by 2024. Ikeazor highlighted Nigeria’s commitment to the Maya Declaration, a global initiative aimed at responsible financial inclusion to alleviate poverty and ensure stability. He noted that since the introduction of Nigeria’s National Financial Inclusion Strategy in 2012, the adult exclusion rate has significantly dropped from 46.3 percent in 2010 to 26 percent in 2023.
With sustained efforts and strategic partnerships, Nigeria aims to create a more inclusive and prosperous economy for all.
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