The Central Bank of Nigeria has launched three initiatives aimed at realizing Nigeria’s vision of a $1 trillion economy by 2030 through financial inclusion.

The initiatives were launched at the second edition of the International Financial Inclusion Conference, which was held in Lagos on Tuesday under the theme, ‘Inclusive Growth: Harnessing Inclusion for Economic Development’.

The initiatives unveiled during this year’s conference include the Women Entrepreneurs Finance Code (We-Fi Code, which is a platform designed to transform the financing landscape for women-owned Micro, Small, and Medium Enterprises globally, the Women Financial Inclusion Dashboard which allows regulators and policymakers to identify and prioritise gender gaps in financial services;

The third initiative is the Roadmap for the Financial Inclusion of Forcibly Displaced Persons, which is aimed at mobilising the collaborative efforts of financial institutions, regulatory bodies, government agencies, and non-governmental organisations to support FDPs in overcoming financial barriers, accessing essential services, and establishing the foundation for their economic independence.

Olayemi Cardoso, the CBN Governor, in his welcome address, said that as we gather here today we reflect on Nigeria’s ambitious plan to reach a $1 trillion economy.

He said 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 emphasised 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 percent 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.

Similarly, Babajide Sanwo-Olu, Lagos State Governor, 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, 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,” Sanwo-Olu said.

Nigeria’s foreign reserves surged to $40.08 billion on November 7, 2024, marking their highest level in almost two years, as reported by the Central Bank of Nigeria (CBN).

This increase reflects a $1.7 billion growth since the end of September, when reserves were at $38.3 billion.

The rise is attributed to CBN’s policies encouraging foreign currency inflows through formal channels and remittance-targeted reforms.

The CBN’s recent efforts to engage International Money Transfer Operators (IMTOs) and the Nigerian diaspora have been critical to this recovery.

Earlier in 2024, reserves had dipped below $34 billion due to foreign exchange pressures and global oil market volatility.

However, sustained growth from $33.7 billion in June to the current $40.08 billion highlights the CBN’s successful policy interventions, aimed at stabilizing the naira and enhancing foreign currency inflows.

CBN Governor Olayemi Cardoso commented on this progress during a symposium in Abuja, noting that the current reserves level is the highest in nearly three years.

“These reforms have started yielding positive results, with notable improvements in the FX market and a stabilization of foreign reserves,” Cardoso stated.

He further emphasized the importance of diaspora engagement at recent IMF and World Bank meetings in Washington, D.C., pointing to diaspora inflows as vital to Nigeria’s remittance recovery.

Cardoso explained: “Nigeria has such a strong diaspora community here; in the earlier stages of the reforms, IMTOs were having issues transferring money back to Nigeria, and we felt it was important to engage them, and we did.

“As a result of that engagement, we identified particular problems, of which a lot of responsibility was shared. Things have since improved because as at the last meetings, which was, I think, April, monthly inflows were about $250 million, but as of September, it had risen to $600 million.”

He added, “With the recent announcement by Nigeria Interbank Settlement Systems (NIBSS) on Bank Verification Number (BVN), and other products that the banking industry is offering, and through engagement with the diaspora, we believe we will be able to move accordingly and again, rising from that engagement, we put our sights on increasing the inflows to $1 billion monthly, and I’m confident that we will get there.”

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced the appointment of Henrietta Ugboh as an Independent Non-Executive Director.

The appointment has been approved by the relevant regulatory bodies, including the Central Bank of Nigeria.

UBA’s Group Chairman, Tony Elumelu, CFR commenting on the appointment, said, “Henrietta Ugboh brings a track record of professional success, integrity and leadership, which will further strengthen the UBA Group Board, underlining once again the Group’s commitment to robust corporate governance.”

Ugboh holds a degree in Economics and Statistics from the University of Benin, an MBA from ESUT Business School, and is an alumnus of the Harvard Business School’s Executive Management Program. She has over 30 years experience in banking with Citibank and is an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria and a Fellow of the Institute of Credit Administration (FICA).

Elumelu added that with her considerable experience and expertise, which includes commercial banking, credit, and risk management, the UBA Board is delighted to welcome Mrs Ugboh to the Group Board, “We look forward to her invaluable contribution to the Group, as we continue to execute our unique growth strategy across Africa and globally.”

The Board also announced the retirement of Mrs. Owanari Duke, an Independent Non-Executive Director, who joined the UBA Group Board in October 2012.

During her tenure, Mrs. Duke provided distinguished leadership, serving on Committees of the Bank including the Board Governance Committee, Board Audit, Governance, Nomination & Remuneration Committee, Board Credit Committee, Finance & General Purpose Committee and Statutory Audit Committee.

On behalf of the board, Mr. Elumelu expressed UBA’s deep appreciation to Mrs. Duke for her dedication and significant contributions to the Group, wishing her the best in her future endeavour.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries.

With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and related banking services