Group calls for financial inclusion in Nigeria

…marks Nelson Mandela Day

The United Nations Association of Nigeria (UNAN) has stressed the need for financial inclusion in Nigeria. UNAN made the call at a webinar, themed, ‘Financial inclusion and wealth creation: Pre-constructing empowerment and poverty eradication’ which it organised organised in collaboration with Youth Be Inspired Initiative to mark the 2020 Nelson Mandela Day.

Speaking at the event, Ronald Kayanja, director United Nations Information Centre ( UNIC), Lagos, explained that financial inclusion would enable the youth and the generality of the population achieve greater heights.

Financial inclusion, he explained, was key to poverty reduction as it enables the poor to finance their activities.

Kayanja also expressed concern over the uncertainty of re-opening of educational facilities, due to Covid-19, adding that non-reopening of schools could lead to increased teenage pregnancies and other youth vices.

While l auding the organisers of the event for remembering Nelson Mandela even in the ongoing Covid- 19 pandemic, Ayo Olukanni, directorgeneral NACCIMA, said it was a reflection of the commitment of UNAN and others with support of UNIC.

On the pandemic that is currently ravaging the entire globe, he noted that it was only the UN that can be relied upon.

He emphasised that inequality is very prominent in Nigeria, ascribing it to the reason poverty is still prominent in the society.

In the area of interventions by the Nigerian government in the Covid-19, he confirmed positive action which according to him is rather too low and slow in disbursements to households and Small/

Mediumenterprises(smes).

He therefore, called for identification of the funding supports by governments and her agencies.

Highlighting efforts of CBN in establishment of National Collateral Registry (NCR) which he said is a form of addressing financial inclusion, the Ambassador said: “With this concept, moveable assets are used as collaterals in obtaining loans and support funds. There are lots of stimulus packages available and there is a plan to have 40 percent of such directed at Women owned businesses.’’

On his part, Chief Internal Auditor MRS Oil & Gas, Daniel Chukwuazawom explained that financial inclusion is possible, but will require some element of discipline. According to him, lack of financial literacy has contributed to failure of SMES, however, he stressed the need to take measures to increase their financial