BREAKING NEWS, Education
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Financial Literacy is now to be taught in Nigerian primary and secondary schools as a compulsory subject
| By Anayo Ezugwu | Nov 14, 2016 @ 01:00 GMT |
THE Central Bank of Nigeria, CBN, has succeeded in its efforts to inculcate financial literacy in youths in their tender age with the introduction of financial education as a compulsory subject in the curriculum of both primary and secondary education in the country. This feat was made possible by the federal ministry of education, which worked with the CBN to facilitate the entire process.
At the commencement of the activities to mark 2016 World Savings Day, Khadijah Kassim, head, Consumer Education in the Consumer Protection Department, CBN, told students of Government Secondary School, Suleja, Niger State, on Monday, October 31, that the apex bank had been able to prevail upon relevant education authorities to include financial education in the academic programme of primary and secondary schools.
She said the introduction will fast track the bank’s target to expand financial literacy to all segments of the national life. She noted that more than 200 schools are being mentored by the CBN on the importance of saving as part of the World Savings Day celebration. “The mentoring programme “will enable school children make sound financial decisions.”
Kassim said the primary objective was to increase awareness on financial literacy among various segments of the general public to sensitise them on the importance of savings, earning a livelihood, inculcate savings habit, employment and entrepreneurship for personal and national development.
She said the consumer protection department of the CBN in collaboration with the financial sector regulators, the bankers’ committee, microfinance banks and institutions, various non-governmental organisations and other stakeholders “are commemorating this global event to raise awareness on the importance of savings by implementing an outreach mentoring programme in over 200 schools spread across the six ego-political zones.”
Supporting, Garba Shuaibu, principal of the school, commended the CBN for choosing the school for the mentoring programme, He, however, said that in spite of the school producing serving and past state governors, the institution was in dire need of renovation and rehabilitation as most of the buildings in the school are in dilapidated conditions.
This notwithstanding, financial literacy and the promotion of a sound financial system in Nigeria is an important mandate of the CBN. A key aspect of this function is the entrenchment of effective consumer protection regime that not only protects the rights of consumers but also engenders public confidence in the financial system.
According to financial literacy report on CBN website, the current realities in the financial sector show that it is only when the interest of consumers is given proper attention and protection that public confidence will be restored in promoting a strong and stable economy. It is observed that although there are exists educated and literate Nigerians, many of them do not have the requisite skills to effectively manage their financial transactions and take advantage of the opportunities presented by the financial products and services to improve their well-being.
Consumers of financial services have also been subjected to unethical practices from financial institutions because of their low levels of financial literacy.
This is why the CBN made a commitment in 2011 referred to as the “MAYA DECLARATION”, to reduce the number of financially excluded Nigerians from 46.3 percent in 2010 to 20 percent by the year 2020. To realise this objective, a National Financial Inclusion Strategy was accordingly developed and launched in October 23, 2012. The strategy identified consumer protection and its constituent pillars of market conduct, dispute resolution and consumer education as critical to the attainment of its objectives.
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