NDIC trains secondary school students in Osun on savings, wealth building

From Lateef Dada, Osogbo

The Nigeria Deposit Insurance Corporation (NDIC) has trained 200 secondary school students in Osun State on money-saving techniques and wealth building. The initiative aims to instill a culture of savings among the youth and equip them with entrepreneurial skills.

The training included students from public schools across Osogbo and Olorunda Local Governments, with a focus on empowering them to share their newfound knowledge with peers who could not attend.

Adegbenga Fabuyi, the Assistant Director of Communication at NDIC, explained that the workshop was part of the activities commemorating World Savings Day. The program was endorsed by the Bankers Committee, which includes the Central Bank of Nigeria and various banks across the nation.

Fabuyi stated, “The committee adopted World Savings Day as a means to mentor secondary school students nationwide in the habit of saving, promoting a savings culture that they can carry into adulthood. The aim is to also build their capacity and sensitize them on entrepreneurial skills.”

This year, the theme for the event was: “Building Financial Resilience: This is not a Savings Account.”

On the objectives of the programme, Fabuyi explained that it aims to teach youth not only how to save but also how to invest wisely.

“While saving is important, simply keeping money in a bank doesn’t yield significant returns. It’s crucial for students to learn about investment opportunities and the characteristics of various financial avenues,” Fabuyi said.

He explained that the culture of seeking quick wealth can be detrimental, urging youth to understand that building wealth is a gradual process. “We need to encourage them to develop knowledge and capacity for identifying viable business opportunities, even as students,” Fabuyi added.

He explained that the initiative aligns with the financial inclusion drive of the Nigerian federal government, aiming to engage citizens from all regions and sectors in the financial system. “Financial literacy is essential before delving into savings and investments. We want these students to understand the available services and how to engage with financial institutions,” he stated.

The Commissioner for Education, Hon. Dipo Eluwole, represented by Abolarinwa Tunde of the Public School Department, confirmed that 20 students were selected from each of the 10 schools participating in the program.

He said the training was aimed at empowering the next generation with the skills needed to navigate financial challenges effectively while fostering a spirit of entrepreneurship and self-sufficiency.