From Adanna Nnamani, Abuja
The Central Bank of Nigeria (CBN) has said that through adequate financial literacy, Nigeria can create wealth, increase income, enhance living standards, and improve the overall well-being of its citizens.
Gbadamosi Lanre, the Head of Consumer Education and Evaluation Division in the Consumer Protection Department of the CBN, stated this during the 2024 Global Money Week (GMW) Financial Literacy Fair in Abuja on Tuesday.
Lanre also mentioned that similar events took place simultaneously at designated CBN locations across the six geo-political zones and Lagos, all under the theme: “Protect your money, Secure your future.”
Lanre, who represented the Director, Consumer Protection Department at the event expressed concern about the poor level of financial literacy in the nation, which has only increased from 13 percent to roughly 33 percent over time,
He highlighted financial literacy as a vital element in enhancing financial empowerment and inclusion, which has increased to approximately 74% by December 2023 from around 68% in 2020. To address the inadequate financial literacy landscape, Lanre, an Assistant Director in the department, mentioned that the central bank was creating a monitoring and evaluation framework for financial literacy to offer an impartial evaluation of the CBN’s financial literacy efforts.
He attributed the insufficient financial literacy levels to the low income rates among Nigerians, coupled with escalating poverty levels in the country, which are intertwined with consumer protection and financial inclusion.
“For Nigerians, achieving financial literacy is one of the sure ways to create wealth, ensure the people’s well-being, improved income level and standard of living,” he said.
Lanre stressed the importance of instilling a savings culture and financial knowledge in schoolchildren by integrating financial literacy into the national curriculum.
He mentioned that the finalization of a National Financial Literacy Policy curriculum was underway, with plans to incorporate it into the school curriculum by October of this year, commencing from the next academic session.
The 2024 Global Money Week Financial Literacy Fair saw the participation of students, teachers from specific secondary schools in Abuja, along with representatives from commercial banks, financial institutions, and the Nigerian Deposit Insurance Commission (NDIC).
The 12th edition of this year’s Fair continued the annual global awareness campaign, focusing on educating young individuals about the significance of possessing the right knowledge, tools, attitudes, and behaviors for making informed financial choices and ultimately attaining financial well-being in the future.
Organizers mentioned that the GMW initiative, initiated in 2012, has already impacted over 60 million children across 176 countries. Participants in this year’s event included secondary school students from the six geopolitical zones in the FCT and Lagos.
Alongside learning about distinguishing between needs and wants, money management, fraud prevention, and investing for a secure financial future, attendees also had the opportunity to visit the Nigerian Exchange Group in Lagos and the CBN’s currency museum in Abuja.