The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, yesterday restated the exchange’s commitment to the promotion of financial literacy, saying NSE has implemented and supported a number of programmes in line with the National Financial Literacy Framework (NFLF), which contribute to raising the level of financial literacy in Nigeria.
Onyema stated this at the 2016 NSE Essay Competition Award ceremony in Lagos, disclosing that “to date, we have executed over 200 free capacity building workshops, aimed at enhancing investor understanding of the basics of investing.”
He said: “The multiplier effect of these workshops is phenomenal as approximately 16,000 retail investors from the grassroots can now make better investment decisions. Improving financial literacy is at the core of what we do at the NSE because we recognise that the ability to make well-informed financial decisions plays an important part in the capacity of individuals to manage financial matters well, a factor that can have either a negative or positive ripple effect on the economy. I am proud to say that with the NSE Essay Competition, we have established a strong foundation for improving the financial literacy and capability of Nigerians.”
According to him, through this competition, the NSE has been able to promote financial literacy among young Nigerians by encouraging them to learn how good financial decisions can better their lives now and in the future, and ultimately grow the economy.
“We have been able to inspire over 37,000 young people in more than 7,000 schools across Nigeria to learn how good financial decisions can better their lives now and in the future, and ultimately grow the economy,” he said.
At the award ceremony, Miss Ifeoluwa Toluwanimi Abiodun, a 14-year old student of Babington Macauley Junior Seminary, Ikorodu, Lagos State, emerged the winner of the 2016 edition of the NSE Essay Competition for Senior Secondary Schools students in Nigeria. Ifeoluwa clinched the first position ahead of over 7,400 participants across the country, winning N500,000 in scholarship fund for university education, N250,000 worth of equity investment and a laptop. Her school was also rewarded with three desktop computers and a printer.
Udeaja Nneoma of Sacred Hearts College, Apapa, Lagos and Gbenjo Olasubomi Victoria of Good Shepherd Schools, Meiran, Lagos emerged first and second runner-ups respectively.