Progress in Nigeria’s Financial Inclusion Efforts
In 2023, Nigeria’s financial inclusion rate saw a notable increase to 74%, up from 68% in 2020, as reported by the Central Bank of Nigeria (CBN). This significant growth was highlighted by Deputy Governor for Financial System Stability, Philip Ikeazor, during a school mentoring event aligned with the 2024 Global Money Week celebrations in Abuja. Ikeazor, represented by Gbadamosi Lawal Lanre from the Consumer Education and Evaluation Division, emphasized the crucial interconnection between financial literacy, consumer protection, and economic participation.
Enhancing Financial Education and Protection
The Deputy Governor expressed that the increase in financial inclusion has directly contributed to a reduction in economic exclusion within the country. He pointed out that financial education is a pivotal element for enhancing financial well-being among Nigerians, aiming to elevate the standard of living beyond just salary earnings. The CBN has been proactive in monitoring and analyzing the impact of its financial education initiatives, noting an increase in economic education engagement from 13% to 33% over recent years.
Building a Secure Financial Future for the Youth
This year’s Global Money Week, themed “Protect your income, Secure your future,” focuses on teaching young Nigerians the importance of making informed financial decisions and preparing for their future. Ikeazor discussed the integration of financial literacy topics into the national education curriculum as a crucial step towards fostering financial independence among students. He stressed the importance of early financial education in helping young people develop the skills necessary to manage their finances effectively, safeguard against fraud, and ensure a financially secure future. The event, which involved interactive financial education sessions, was held across five schools in the Federal Capital Territory, engaging numerous students in the process.