A national financial literacy program aimed at secondary school students has been launched by the Central Bank of Nigeria (CBN).
This program forms part of the actions commemorating the 2024 Global Money Week, themed “Protect your income, Secure your potential.”
In all six of Nigeria’s geopolitical zones, the CBN is holding mentoring workshops. At the launch ceremony held at Government Secondary School Gwagwa, Abuja, the acting director of the Consumer Protection Department, Othniel Nuhu, emphasized the importance of instilling responsible financial habits in young people.
Even though you are not yet employed, Nuhu said, “We at the CBN are interested in educating you about income. We want to get you ready.” He made a point about how economic education differs from conventional education, arguing that “you can be a professor without having money management skills.”
The CBN program focuses on instilling a culture of saving among students. Nuhu urged them to save the money and gifts they received, putting emphasis on “we want you to start learning the tradition of saving for the future.” Until you turn 18, your parents may open bank accounts for you. By the time you’re old enough to start working and enter adulthood, you will have mastered the art of saving.
The program emphasizes the crucial need for financial education in Nigeria. The lender expressed concern about the country’s current level of financial literacy, which is around 33 percent, at the 12th edition of the CBN’s Financial Literacy Fair on Tuesday. Factors like limited attention, low income levels, and increasing hunger were cited as contributors to this problem.
The CBN stated that it is still committed to addressing these issues.
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The Consumer Protection Department’s Consumer Education and Evaluation Division’s Head, Gbadamosi Lanre, announced the creation of a monitoring and evaluation framework for financial education efforts.
This model will provide an objective analysis of the CBN’s efforts to improve financial literacy nationwide.
The director of GSS Gwagwa, Abdullahi Musa Zakari, applauded the CBN for selecting his school to sponsor the program. He urged the students to actively participate and glean from the financial education.
Zakari advised: “Take this training seriously and make the most of this program. The CBN is here to teach you about financial education, a skill that will benefit you throughout your life. Pay close attention and take advantage of this opportunity.”
The CBN’s global initiative for financial literacy is a significant step in developing the knowledge and skills necessary for responsible money management and financial security for younger generations. By teaching young people how to read financial books and make money, the CBN is paving the way for a more educated and financially responsible future for Nigerians.