Inclusive Finance Essential for Nigeria's Economic Growth

During the 39th inaugural lecture at the National Open University of Nigeria (NOUN) on April 30, 2026, Prof. Wilfr Ugwuanyi discussed the critical role of an inclusive and culture-driven financial system in Nigeria's economic development.

He noted that the financial system serves as the backbone for millions of Nigerians, particularly in rural areas. His lecture, titled "Technological Innovation and Informal Financial Institutions: Implications for Economic Development Amidst Cultural Diversity in Nigeria," reviewed the evolution of payment systems from barter trade to contemporary digital solutions.

Ugwuanyi identified challenges such as poor infrastructure, low internet connectivity, and high levels of digital illiteracy as major obstacles to financial inclusion. He advocated for tailored financial literacy initiatives that consider Nigeria's linguistic and cultural diversity.

Furthermore, he called for collaboration among government agencies, academic institutions, and financial service providers to create a resilient financial ecosystem. The event was attended by NOUN's Vice Chancellor, Prof.

Uduma Oji Uduma, and Deputy Vice Chancellor, Prof. Shehu Adamu.