Good luck Nigeria: “On Wednesday, Nigeria’s federal government unveiled a bold new initiative aimed at establishing an operating model and framework for Economic and Financial Inclusion. This project is part of a larger vision to transform Nigeria into a $1 trillion economy by 2030, focusing on combating poverty and driving sustainable economic growth from the grassroots level.”

As the leaders run the playbooks, let me add these components in whatever they plan to do. Yes, these are catalysts which I think will bring that $1T economy. Without them, no initiatives will have a chance. Let’s go….

Merit-based system – no nation has advanced better than its ability to inspire, motivate and reward via merit. Without a nationally transparent merit-based system, Nigeria cannot progress. Yes, the $1trillion will fade.

Pragmatic Innovation – focus on what works, over the purity of scoring political goals. The implication is that we have to seek and execute the best ideas irrespective of where they may be coming. Yes, we must allow data to work and follow the best ideas. Can we spread the deep seaports to Calabar, Ibom, etc instead of building more in congested Lagos?

Honest Leadership – the citizens are smarter and can only take cues from their leaders. People willingly pay taxes when taxes work in their lives, they say. If we preach one thing and do another thing, you lose the citizens. Na kwa echeki!

Integrate Rural and Urban Nigeria – we need to have a functioning postal service, to bridge the huge gap between rural and urban Nigeria.

Put Rural Wealth in Nigeria’s Balance Sheet /Property Rights – those lands (subject to the land use act), houses, etc should be digitized and recorded so that even those in rural Nigeria can enter the formal economy. It is unfortunate that a man with 100 hectares is considered poor because he has no papers to share with banks, to access credits to train his kids and support his family. Simply, Nigeria must advance its property rights governance, not just in land and physical properties but also intellectual properties.

Nigeria Unveils Ambitious Path to a $1 Trillion Economy by 2030: Launches the Economic and Financial Inclusion Initiative

Companies that successfully transform their sectors are adept at staying ahead of customer needs and perceptions, leading to sustained success. Intuit, known for its tax software, employs a strategy of offering many services for free, eventually absorbing competitors into its business without direct acquisitions.

Simply, in today’s rapidly evolving business landscape, the imperative for companies to innovate and stay ahead of customer needs has never been more crucial. With the backdrop of intense competition and dynamic market dynamics, businesses are compelled to embrace strategic leadership and operational excellence to drive long-term success. Innovation lies at the heart of this transformation, encompassing the introduction of new ideas, products, services, or methods to enhance existing processes or pioneer entirely novel solutions. This ethos is underpinned by a customer-centric approach that prioritizes understanding and meeting evolving consumer preferences while fostering resilience – the ability to withstand and recover from disruptions like those seen during events such as the COVID-19 pandemic.

Recent global events have underscored the necessity for companies across sectors to pivot swiftly in response to changing circumstances. The COVID-19 pandemic accelerated digital transformation initiatives, emphasizing agility and adaptability as essential traits for survival in today’s business environment.

Looking forward, businesses are poised to continue prioritizing innovation alongside operational efficiency – delivering maximum output with minimal resources – as they navigate shifting market conditions. Strategic leadership will remain paramount in setting clear visions and making informed decisions that steer organizations towards long-term goals amidst challenges like market saturation and regulatory hurdles. As technology continues its pervasive influence on industries worldwide, integrating data analytics is expected to be a linchpin in shaping future business transformations by providing critical insights into consumer behaviors and market trends.

Yet, in the realm of business transformation and sustained success, it is essential to acknowledge that while staying ahead of customer needs and perceptions is pivotal, it represents just one facet of a multifaceted equation. Companies aiming for sectoral dominance must also prioritize operational efficiency, financial prudence, innovation, and competitive positioning to fortify their standing in the market. Relying solely on customer-centric strategies may overlook critical aspects like long-term sustainability and holistic business management.

Moreover, while strategies like offering free services or focusing intensely on process innovation can yield short-term gains, they may not always guarantee long-term viability. Overemphasis on cost-cutting measures or differentiation through superficial means could potentially neglect crucial elements such as employee satisfaction, customer experience enhancement, or environmental responsibility. A balanced approach that integrates various strategic pillars—ranging from financial stability to organizational culture and sustainable practices—is imperative for companies seeking enduring success in dynamic market landscapes.

The Fish Bait Acquisition Construct

On Wednesday, Nigeria’s federal government unveiled a bold new initiative aimed at establishing an operating model and framework for Economic and Financial Inclusion. This project is part of a larger vision to transform Nigeria into a $1 trillion economy by 2030, focusing on combating poverty and driving sustainable economic growth from the grassroots level.

Vice President Kashim Shettima highlighted the significance of this initiative as a testament to the administration’s commitment to enhancing financial and economic inclusion across the country.

Speaking at the kick-off meeting for the Operating Model for Economic and Financial Inclusion, Shettima noted the administration’s dedication to providing access to capital and eradicating poverty through legislative interventions and critical policies.

This new initiative builds upon the Aso Accord on Economic and Financial Inclusion, unveiled on April 25, 2024. The accord is a comprehensive blueprint designed to achieve universal access to financial services and represents a core pillar of President Bola Tinubu’s Renewed Hope Agenda. This agenda aims to transform Nigeria into a $1 trillion economy by 2030 while addressing poverty and insecurity through broad-based prosperity.

Shettima disclosed that inclusive economic growth and development are at the heart of every strategy championed by Tinubu. He pointed to recent positive outcomes, such as the upgrade of Nigeria’s credit outlook to positive by Fitch Ratings, as recognition of the reform progress under the current administration.

However, Shettima acknowledged the short-term impacts of the reforms and stressed the importance of measures to mitigate the effects, citing the Student Loan Act and efforts by the Federal Ministry of Agriculture and Food Security to combat food insecurity.

The Vice President also highlighted that economic and financial inclusion has been elevated to the agenda of the National Economic Council (NEC), where all governors of the 36 states and the FCT minister participate in crucial policy deliberations alongside other stakeholders. He noted that this elevation underscores the administration’s belief that inclusive growth must be both strategic and sustainable.

Addressing the implementation team and stakeholders, Shettima called on them to recognize the weight of their responsibility.

“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,” he stated.

He urged the team to engage all stakeholders fully and contribute their insights, expertise, and dedication to forge a robust operating model that will drive economic and financial inclusion across Nigeria.

Shettima stressed the importance of developing solutions to alleviate the impact of ongoing economic reforms on over 30 million financially excluded Nigerians, propelling the country toward sustainable and inclusive growth.

Speaking at the event, Dr. Nurudeen Zauro, Technical Advisor to the President on Financial Inclusion, reported substantial progress in implementing the Aso Accord on financial inclusion and other initiatives aimed at broadening financial access across the nation. He noted that discussions on financial inclusion have reached the highest levels of government, including the NEC.

Zauro highlighted that the operationalization of the accord has received funding from the Bill & Melinda Gates Foundation through the Lagos Business School (LBS). The team is setting up the operating model and legal framework to ensure the project’s smooth takeoff and alignment with the Renewed Hope Agenda. Collaborators on the team include Augmentum Advisory, Banwo & Ighodalo, and Ndarani (SAN) & CO.

Also, Prof. Olayinka David-West, Project Manager at Lagos Business School, commended the Tinubu administration for prioritizing economic and financial inclusion. She noted that the team at LBS, in collaboration with counterparts in the VP’s office and other stakeholders, is working on the legal framework for financial inclusion and giving the initiative the convening power and national coordination needed to drive ownership across the country.

David-West noted that while LBS and its partners have made deliberate efforts to entrench financial inclusion over the years, the current administration’s initiative will serve as a gateway to successfully operationalizing the policy nationwide.

The engagement with the Vice President aims to identify the right platforms and structures to galvanize relevant authorities to support the initiative.

Current Economic Realities Breed Skeptical Outlook

Nigeria’s economy has faced significant headwinds in recent years, with declining oil revenues, inflation, and foreign exchange instability impacting overall economic performance. The country’s GDP, once a powerhouse in Africa, has struggled to regain its footing, falling below $300 billion. This economic trajectory has led many analysts and citizens to question whether the ambitious goal of transforming Nigeria into a $1 trillion economy by 2030 is achievable under the current administration.

While some analysts believe that the Tinubu administration’s focus on economic and financial inclusion is a step in the right direction, they note it must be coupled with broader economic reforms to address the underlying issues affecting Nigeria’s economy.

For instance, they note that ensuring stability in the foreign exchange market, fostering an environment conducive to foreign investment, and implementing policies that stimulate growth across various sectors are crucial to achieving the ambitious $1 trillion economy target.

While the new initiative and the Aso Accord on Economic and Financial Inclusion provide a framework for addressing some of these challenges, the path to a $1 trillion economy will require more than just regulatory frameworks and financial inclusion efforts, economists note. They add that it will demand a holistic approach, political will, and sustained efforts to drive structural economic reforms and create a resilient, inclusive economy.

From AP: “Labour leader Keir Starmer has officially become prime minister of the United Kingdom. Starmer received the blessing of King Charles III to form a government in a ceremony known as the “kissing of hands.” Starmer is now headed from Buckingham Palace to take up residence in No. 10 Downing Street, where he is expected to speak. He replaces Conservative Prime Minister Rishi Sunak, who offered his resignation to Charles after his party that ruled for 14 years was swept from power in a Labour landslide”.

This is how democracy works. An opposition party destroyed a ruling party in the voting booths. The leader of the ruling party made way. The elections were free and fair. This is what Nigeria has not picked about democracy. And until we do, the best of Nigeria will not get closer to political leadership.

To Mr. Keir Starmer, nothing will change. As I wrote in May 2019, the UK will be changing leaders until they return back to the EU:

“UK Prime Minister Theresa May resigns. I do not know why it took so long. The fact is this: the world that United Kingdom wants will not happen in the very near future. So, they better be changing leaders because no one can take them to their designed equilibrium point. In the past, it used to be The Rise of Me Only; today, it is now The Rise of All.

“That means – if you expect the world as it was 100 years ago, you are living in an illusion. UK benefited from the world, ravaging empires from Asia to Africa; now, it wants to sleep under its pillows happily, out of the world. That will not happen. Gone David Cameron, gone Theresa May, bring the next person. It will not change UK until it realizes that the new world is The Rise of All and citizens must make adjustments for that reality.”

Count how many UK leaders have rotated since that post…. There is a parallel to Nigeria. Yes, we will mess up the country until we wake up one morning and decide that Nigerians are ready to fix Nigeria. Have you noticed that cholera is back….across Nigeria? Are we moving forward or backward?

Rishi Sunak Loses UK Prime Minister Election, marking an end to Tory’s Conservatives Rule