In Abuja, the Central Bank of Nigeria (CBN) and the Bill and Melinda Gates Foundation (BMGF) recently engaged in strategic discussions to enhance collaboration on agricultural development and financial
inclusion in Nigeria.
During the meeting, Mr. Folashodun Shonubi, the Acting Governor of the CBN, emphasized the bank’s commitment to partnering with the BMGF and other development organizations to explore innovative solutions for improving access to finance within the agricultural sector.
Accompanied by Mrs. Aishah Ahmad, the Deputy Governor of Financial System Stability (FSS), Mr. Shonubi acknowledged the progress made in various aspects of financial inclusion but recognized the persistent challenges in achieving the desired level of inclusivity in Nigeria’s
agricultural landscape. He therefore called for increased collaboration between the CBN and the BMGF.
Addressing the attendees, including Christopher Elias, President of Global Development at BMGF, and Abi Jagun, Senior Programme Officer at BMGF, Mr. Bill Gates, the co-chair of the foundation, highlighted the key areas of focus for their continued engagement in Nigeria: health,
agriculture, and financial services.
Mr. Gates expressed satisfaction that the foundation’s support was catalyzing positive development within Nigeria. Despite acknowledging the existing challenges and gaps, he remained optimistic about the
country’s future, citing the implementation of new economic and monetary policies.
Since 2012, the BMGF has actively supported financial inclusion in Nigeria, serving as a strategic partner to the CBN in driving innovative solutions to extend financial products and services to
underserved segments of the population within the agricultural sector.
This partnership has resulted in significant initiatives, including the Nigeria Financial Services Maps, which facilitate geospatial
mapping of access points, as well as the development and revision of the National Financial Inclusion Strategy.
Additionally, the partnership has involved research into financial exclusion, scoping of
digital financial services in Nigeria, and other activities aimed at accelerating access to financial services within the agricultural domain.
The CBN team, consisting of Mr. Philip Yila Yusuf, Director of Development Finance, and Dr. Paul Oluikpe, Head of Financial Inclusion, were also present at the meeting, further highlighting the commitment of the bank to the partnership.
Through this collaborative effort between the CBN and the BMGF, it is anticipated that financial inclusion within the agricultural sector in Nigeria will continue to expand, empowering farmers and enhancing the
overall productivity and sustainability of the agricultural industry.