CBN Launches Comprehensive Financial Literacy Campaign in Secondary Schools
By Patience Ikpeme
In marking this year’s Global Money Week, the Central Bank of Nigeria (CBN) successfully conducted financial literacy campaigns in secondary schools nationwide.
The initiative aims to equip students with the necessary knowledge and skills to effectively handle their finances, emphasizing the importance of earning, saving, and investing early on.
The Global Money Week event for 2024, held under the theme “Protect Your Money, Secure Your Future,” took place at the Government Secondary School, Gwagwa, on Thursday in the capital city of Abuja.
The CBN’s Acting Director of the Consumer Protection Department, Mr. Othniel Nuhu, highlighted the significance of raising awareness about financial literacy among students.
Nuhu emphasized that being educated in other subjects does not guarantee proficiency in financial matters. He encouraged students to develop a culture of saving from the gifts and allowances received from their parents and relatives.
Nuhu also advised parents to consider opening bank accounts for their children, ensuring they learn effective saving habits from a young age.
During the 12th edition of the Literacy Fair held on Tuesday, the CBN stressed the crucial role of increasing financial literacy in the country. The objective is to enable more individuals to understand how money works, consequently empowering them to create wealth, enhance their income, and improve their living conditions.
Gbadamosi Lanre, who oversees the Consumer Education and Evaluation Division in the Consumer Protection Department of the CBN, expressed concerns regarding the low level of financial literacy in Nigeria. He cited statistics stating that only 13% of Nigerians previously understood finance but mentioned that the figure has now increased to approximately 33%.
Lanre pointed out that the low financial literacy rate in Nigeria is primarily due to a lack of awareness about finance, low income rates, and high poverty levels. He further highlighted CBN’s efforts in creating a monitoring framework for financial literacy to accurately evaluate their own initiatives.
Mr. Abdullahi Musa Zakari, the Principal of GSS Gwagwa, commended the CBN for bringing such crucial information to the students. He acknowledged the school’s privilege to host the event and urged the students to take these financial lessons seriously, underscoring the long-lasting impact they could have on their lives.
The Central Bank of Nigeria’s nationwide financial literacy campaign in secondary schools signifies a significant step towards creating a financially educated and empowered generation of young Nigerians. Through such initiatives, the CBN hopes to enhance the country’s overall financial well-being and promote economic growth for a prosperous future.
