SEC Insists on Financial Literacy and Inclusion for Economic Growth
By Patience Ikpeme
The Securities and Exchange Commission (SEC) has highlighted the critical role of financial literacy, financial consumer protection, and financial inclusion in empowering individuals and ensuring the stability of the financial system.
Dr. Agama Emomotimi, the SEC Director General, made this statement during the flag-off of the 3rd Phase of the AFEC Financial Literacy and Inclusion Awareness Campaign organized by the Abuja Enterprise Agency.
Emomotimi cited the significant growth in financial service usage in Nigeria, from 30% in 2016 to 50% in 2023. He attributed this positive development to the increased adoption of financial services agents, which rose from 4.4% in 2018 to 54% in 2023.
Despite this progress, Emomotimi acknowledged the low levels of financial literacy in Nigeria. He emphasized the campaign’s importance in improving financial literacy and empowering individuals to make informed financial decisions.
The SEC Director General noted that Nigeria’s dynamic economy has the potential to be the largest and most vibrant in Africa, but limited financial capability within the population is hindering its full potential. He stressed the increasing importance of financial literacy in today’s complex world, emphasizing the need for individuals to build financial capability and resilience.
Emomotimi highlighted the SEC’s commitment to fostering a financially literate and inclusive society. The Commission is working to incorporate capital market studies into school curricula and develop a comprehensive capital market curriculum in Nigerian universities.
Mr. Chidi Ugwuada-Ezirigwe, Acting Managing Director of the Abuja Enterprise Agency (AEA), disclosed that the agency has successfully sensitized over 150,000 households in the Federal Capital Territory on financial literacy and inclusion. The AEA has also provided business and financial management education to 38,127 MSMEs, enhancing their financial knowledge and decision-making abilities.
The 3rd AFEC Financial Literacy and Inclusion Campaign aims to equip MSMEs and individuals with the necessary financial skills to navigate the complex world of business and financial management. By fostering financial literacy and inclusion, the SEC and AEA are working towards a more financially empowered and stable Nigerian economy.
