Implementing Financial Literacy in Abuja’s Schools
The Central Bank of Nigeria (CBN) recently introduced a financial literacy campaign in secondary schools within the Federal Capital Territory (FCT) as a part of the 2024 Global Money Week celebrations. The initiative, under the banner “Protect Your Cash, Secure Your Future,” was rolled out across various schools throughout Nigeria’s six geopolitical zones. During an event at the Government Secondary School (GSS) Gwagwa in Abuja, Othniel Nuhu, the Acting Director of the Consumer Protection Department at CBN, highlighted the crucial role of early financial education in fostering responsible money management habits among students.
Educating Young Minds on Financial Management
Nuhu addressed the students, underscoring the importance of learning about financial management from an early age to ensure a stable future. He emphasized that financial education is as critical as academic knowledge, noting that it’s possible to excel in a career but still struggle financially if one lacks money management skills. To encourage a culture of saving, Nuhu suggested that parents could open bank accounts for their children to practice saving their allowances and gift money, thus laying a strong foundation for their financial independence as adults.
Community and CBN’s Commitment to Financial Awareness
The principal of GSS Gwagwa, Abdullahi Musa Zakari, expressed gratitude towards the CBN for choosing their school for this significant initiative and urged students to actively engage with the program. He stressed the unique opportunity the students had to lead in financial literacy within the community. The campaign aligns with CBN’s broader goal to improve financial literacy nationwide, as highlighted during its 12th Literacy Fair, where the need to enhance financial knowledge was linked directly to elevating living standards and reducing poverty. Gbadamosi Lanre from CBN’s Consumer Education and Evaluation Division remarked on the need for a robust monitoring framework to assess the effectiveness of these educational efforts continuously.