The exponential growth of the telecommunications industry which manifested after rebasing the economy in April 2014, accounts majorly for the recovery seen after the headwinds of COVID-19 and two recessions. The National Bureau of Statistics reports showing that the telecoms group which dominates the ‘Information and Communication sector,’ has recorded significant improvement both in growth and contribution to the GDP since 2015.
While the trend is promising, the deliverables it impacts on the 2019 Financial Inclusion agenda of the Central Bank of Nigeria Governor, Godwin Emefiele, is noteworthy.
Financial inclusion means that people have access to basic financial services like a savings account, credit and insurance. The importance is on the fact that financial services have the capacity to empower people, create jobs and open up the remote areas for meaningful economic activities. The higher the inclusion, the better the quality of life for the people. A higher exclusion rate in Nigeria could lead to a poorer population, as a lack of access to credit and insurance puts them at an economic disadvantage.
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