On Monday, the Federal Government of Nigeria announced the start of a free nationwide financial inclusion and literacy training program for 10 million Nigerians.
This is in line with Vice-President Kashim Shettima’s statement that Nigeria can only benefit greatly from its demographic dividend if women and young Nigerians have the moral foundation and skills necessary for a rapidly developing digital economy.
In order to provide Nigerians, especially women and young people, with the necessary financial skills, investment knowledge, and digital competencies for long-term wealth creation, the Office of the Vice-President is conducting training through the Presidential Committee on Economic & Financial Inclusion (PreCEFI), which is chaired by Vice-President Shettima.
In order to strengthen Nigeria’s financial and enterprise workforce, the Office of the Vice-President, through the PreCEFI, signed a Memorandum of Understanding (MOU) with six professional bodies to collaborate on the creation of training programs, certification pathways, digital skills initiatives, and mentorship platforms.
The Nigeria Institute of Innovation and Entrepreneurship (NIIE), the National Institute of Credit Administration (NICA), the Chartered Risk Management Institute (CRMI), the Chartered Institute of Bankers of Nigeria (CIBN), the Chartered Institute of Stockbrokers (CIS), and the Institute of Chartered Accountants of Nigeria (ICAN) are among the professional associations.
Speaking on behalf of President Bola Tinubu at the State House in Abuja to officially kick off the free nationwide training of 10 million Nigerians, the vice president stated that the signing of the Memorandum of Understanding between the Federal Government and six of Nigeria’s leading professional associations was more than just a formal agreement.
He declared, “It is a strategic national investment in capacity as infrastructure, which is the human, institutional, and ethical foundations upon which inclusive growth must rest.”
According to Shettima, the PreCEFI is required to implement the Aso Accord on Economic and Financial Inclusion, which acknowledges that “financial inclusion is not achieved by access alone, but by competence, trust, and capability.”
The country “cannot build a one-trillion-dollar economy on weak skills, fragmented standards, or disconnected professional ecosystems,” he said.
“This MoU therefore establishes a working framework to harness the collective expertise of ICAN, CIBN, CIS, CRMI, NICA, and NIIE to advance inclusion through capacity building, advocacy, digital transformation, youth empowerment, and support for small and medium practitioners,” he stated.
“It creates a systematic framework for collaborative training initiatives, policy discussions, the development of digital skills, and professional standards that match market practices with national inclusion objectives.”
Although capacity building is a component of financial inclusion, the vice president noted that “inclusion remains a slogan rather than a system without accountants who understand MSME formalization, credit administrators who can assess risk beyond collateral, bankers who embed consumer protection, risk professionals who anticipate digital threats, and innovators who translate ideas into enterprises.”
“This collaboration prioritises women and youth inclusion and digital transformation, recognising that Nigeria’s demographic dividend will only materialise if young people are equipped with relevant skills and ethical grounding for a fast-evolving digital economy,” stated Shettima, who maintained that the training programme must give priority to young Nigerians and women.
He urged the PreCEFI and the professional associations to view the Memorandum of Understanding as a live platform for action rather than just a document.
In light of this, Shettima said, “I hereby flag off the free training of 10 million Nigerians, with priority for women and youth across the country, on behalf of President Bola Tinubu.”
Earlier, President of ICAN, Mallam Haruna Yahaya, applauded the administration of President Tinubu for its bold economic reforms that has culminated in the flag off of the financial inclusion free training programme for 10 million women and youths in Nigeria.
He claimed that the economy’s apparent improvements as a result of the Federal Government’s policy reforms served as the impetus for the decision to start the project.
Yahaya described their participation in the project as an institutional honor and promised the vice-president that they would provide expert assistance in achieving the goals that were set.
Mr. Emmanuel Lennox, the CEO of WAWU Africa, one of the program’s technical partners, gave the Federal Government his word that the company was prepared to complete the project, especially by offering the digital platform and general supportive atmosphere needed for its success.
Additionally, Dr. Nurudeen Abubakar Zauro, the Technical Adviser to the President on Economic and Financial Inclusion, explained why it was necessary to train 10 million Nigerians in financial inclusion: “Exclusion is not only due to lack of access, but also to limited skills, weak institutional capacity, and insufficient professional support.”
As a result, financial inclusion cannot be attained solely through infrastructure; rather, it can only be attained when individuals and organizations are prepared to make responsible, efficient, and sustainable use of that infrastructure.
The signing of the Memorandum of Understanding for the capacity building initiative by the Federal Government and the six professional bodies was the event’s high point.