The Nigerian Federal Government launched a free nationwide financial inclusion and literacy training program for 10 million Nigerians on Monday.
This comes at the same time that Vice-President Kashim Shettima stated 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.
Through the Presidential Committee on Economic & Financial Inclusion (PreCEFI), which is chaired by Vice-President Shettima, the Office of the Vice-President is conducting training aimed at providing Nigerians, especially women and young people, with the digital competencies, investment knowledge, and financial skills necessary for long-term wealth creation.
Therefore, through the PreCEFI, the Office of the Vice-President signed a Memorandum of Understanding (MOU) with six professional organizations to collaborate on the development of training programs, certification pathways, digital skills initiatives, and mentorship platforms aimed at bolstering Nigeria’s enterprise and financial workforce.
The National Institute of Credit Administration (NICA), the Nigeria Institute of Innovation and Entrepreneurship (NIIE), the Chartered Institute of Bankers of Nigeria (CIBN), the Chartered Institute of Stockbrokers (CIS), the Institute of Chartered Accountants of Nigeria (ICAN), and the Chartered Risk Management Institute (CRMI) 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 pointed out that the signing of the Memorandum of Understanding between the Federal Government and six of the country’s leading professional associations was more than just a formal agreement.
He said, “It is a strategic national investment in capacity as infrastructure, which is the human, institutional, and ethical foundations upon which inclusive growth must rest.”
“Financial inclusion is not achieved by access alone, but by competence, trust, and capability,” Shettima said, referring to the Aso Accord on Economic and Financial Inclusion, which the PreCEFI is required to implement.
He claims that the country “cannot build a one-trillion-dollar economy on weak skills, fragmented standards, or disconnected professional ecosystems.”
“This MoU thus 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 practice with national inclusion objectives.”
While capacity building is 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 program must give priority to young Nigerians and women.
He urged the professional associations and the PreCEFI to view the Memorandum of Understanding as a living platform for action rather than just a document.
“Therefore, I hereby announce on behalf of President Bola Tinubu that 10 million Nigerians will receive free training, with a focus on women and youth nationwide,” Shettima said.
Mallam Haruna Yahaya, the president of ICAN, had praised President Tinubu’s administration for its daring economic reforms, which led to the launch of the free financial inclusion training program for 10 million Nigerian women and youth.
According to him, the decision to start the project was spurred by the economy’s apparent improvements as a result of the Federal Government’s policy adjustments.
By referring to their participation in the initiative as an institutional honor, Yahaya gave the vice-president their professional support in achieving the goals that were set.
The Federal Government was reassured by Mr. Emmanuel Lennox, the CEO of WAWU Africa, the program’s technical partners, that the company is prepared to complete the project, especially by offering the digital platform and general supportive atmosphere needed for its success.
“Exclusion is not only by lack of access, but by limited skills, weak institutional capacity, and insufficient professional support,” stated Dr. Nurudeen Abubakar Zauro, Technical Adviser to the President on Economic and Financial Inclusion, in addition to outlining the reasons why training 10 million Nigerians on financial inclusion had become necessary.
As a result, financial inclusion cannot be attained by infrastructure alone; rather, it can only be attained when individuals and organizations are prepared to use such infrastructure in a sustainable, productive, and responsible manner.
The signing of the Memorandum of Understanding for the capacity building initiative between the Federal Government and the six professional associations was the event’s high point.
