Nigerian Exchange Limited (NGX), the Central Bank of Nigeria (CBN), and several capital market stakeholders have come together to boost financial literacy for students in Lagos as part of the 2024 Global Money Week celebration.
This year’s theme, marking the event’s tenth anniversary, is “Protect Your Money, Secure Your Future.” Organized in collaboration with CBN, Chapel Hill Denham, Coronation Group, Central Securities and Clearing System Plc, and Miniemoney, the initiative aims to empower young people with essential financial knowledge.
During his engaging speech, Acting CEO of NGX, Jude Chiemeka, encouraged students to commit to lifelong financial literacy. He stressed the importance of financial education for young individuals, who are in a critical phase of building their future financial stability.
“This event is a pivotal step in our ongoing mission to develop financially literate future leaders who are capable of making informed financial choices,” Chiemeka remarked. He highlighted that financial literacy and sound money management are fundamental for long-term financial success and security.
Importance of Financial Literacy
Knowing how to safeguard your earnings and understanding potential financial pitfalls is key to securing your future. Financial acumen includes recognizing activities that could lead to financial loss, such as falling for fraudulent schemes or unwise online purchases. Staying well-informed and consulting financial professionals can help protect your finances.
Chiemeka reassured students of NGX’s support throughout their financial education journey. Lanre Gbadamosi, from the Central Bank of Nigeria’s Consumer Protection office, emphasized the value of the “Sabi Money Platform,” which provides financial education to children.
Adaora Obikili, Head of Retail Strategy and Development at Chapel Hill Denham, underscored the benefits of early savings. “The ideal time to start saving and investing was yesterday; the next best time is today,” she advised, highlighting the importance of early financial planning and the advantages of compound interest.