CBN: Financial Literacy Now Compulsory in Basic Education

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James Emejo in Abuja

The Central Bank of Nigeria (CBN) monday said its efforts at inculcating financial literacy in youths at their tender age had come to fruition with the introduction of financial education as compulsory subject in the curriculum of both primary and secondary education.

It added that the feat was made possible working with the Federal Ministry of Education, which facilitated the entire process.

Speaking to students of Government Secondary School, Suleja, Niger State at the commencement of activities to mark this year’s World Savings Day celebration, CBN Head, Consumer Education in the Consumer Protection Department, Hajia Khadijah Kassim said the apex bank had been able to prevail upon relevant education authorities to embed 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 national life.

She added that over 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,” she noted.
Kassim added that the primary objective was to increase awareness on financial literacy among various segments of the general public to sensitize 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 organizations 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.”

However, the school’s principal, Mr. Garba Shuaibu commended the CBN for choosing the school for the mentoring programme but lamented 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.