The Central Bank of Nigeria (CBN) has kicked off a nationwide financial literacy programme aimed at secondary school students.
This initiative forms part of the activities commemorating the 2024 Global Money Week, themed “Protect your money, Secure your future.”
The CBN is conducting mentoring workshops in schools across all six geopolitical zones of Nigeria. At the programme’s 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.
“We at the CBN are interested in educating you about money even though we know you are not working yet,” Nuhu explained. “We want to catch you young. He highlighted the distinction between formal education and financial literacy, emphasizing that “you can be a professor and not know how to manage your money.”
The CBN’s programme focuses on cultivating a culture of saving amongst students. Nuhu encouraged them to save allowances and gifts they receive, stressing that, “we want you to begin to learn the culture of saving for the future. Your parents can open bank accounts on your behalf until you turn 18. So by the time you become adults and start working, you will have mastered the art of saving.”
The programme underscores the critical need for financial literacy in Nigeria. At the 12th edition of the CBN’s Financial Literacy Fair on Tuesday, the bank expressed concern about the low national rate of financial literacy, which currently stands at around 33 percent. Factors like inadequate awareness, low income levels, and rising poverty were cited as contributors to this challenge.
The CBN said it remains committed to addressing these issues.
Gbadamosi Lanre, Head of the Consumer Education and Evaluation Division in the Consumer Protection Department, announced the development of a monitoring and evaluation framework for financial literacy initiatives.
This framework will provide an impartial assessment of the CBN’s efforts to enhance financial literacy across the country.
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The principal of GSS Gwagwa, Abdullahi Musa Zakari, applauded the CBN for choosing his school to host the programme. He urged the students to actively participate and learn from the financial literacy training.
Zakari advised: “Treat this instruction seriously and make the most of this program. The CBN is here to educate you on financial literacy, a skill that will benefit you throughout your life. Pay close attention and take advantage of this opportunity.”
The CBN’s nationwide financial literacy campaign marks a significant step towards empowering younger generations with the knowledge and skills necessary for financial security and responsible money management. By equipping young minds with financial literacy, the CBN is paving the way for a more informed and financially responsible future for Nigerians.
Source:The nation
