CBN and NERDC Set to Introduce Financial Literacy Education in Nigerian Schools
Detailed Summary:
The Central Bank of Nigeria (CBN), in partnership with the Nigerian Educational Research and Development Council (NERDC), is gearing up to introduce financial literacy into the national school curriculum for junior and primary school students. Announced by Ibrahim Yahaya, Acting Head of the Consumer Protection Department at CBN, the initiative was highlighted during the World Savings Day event at the Federal Science and Technical College, Orozo, Abuja.
The new curriculum, developed in collaboration with NERDC, is ready for launch and will soon become part of classroom learning, aiming to equip young Nigerians with foundational knowledge in savings, investments, and personal finance. According to Yahaya, this educational enhancement aligns with efforts to foster a savings culture and promote economic awareness from an early age, essential for both personal financial growth and broader economic stability.
Yahaya emphasized the significance of teaching children about financial responsibility, noting that a robust savings culture supports credit availability, as bank deposits drive lending capabilities. This step also ties into Nigeria’s broader financial inclusion goals, which recently saw a growth in financially included individuals from 68.8 million in 2022 to 69.2 million in 2023.
This initiative is part of a broader national strategy to boost financial inclusion, with current statistics showing significant increases in banking access and formal financial participation across the country.
Detailed Summary:
The Central Bank of Nigeria (CBN), in partnership with the Nigerian Educational Research and Development Council (NERDC), is gearing up to introduce financial literacy into the national school curriculum for junior and primary school students. Announced by Ibrahim Yahaya, Acting Head of the Consumer Protection Department at CBN, the initiative was highlighted during the World Savings Day event at the Federal Science and Technical College, Orozo, Abuja.
The new curriculum, developed in collaboration with NERDC, is ready for launch and will soon become part of classroom learning, aiming to equip young Nigerians with foundational knowledge in savings, investments, and personal finance. According to Yahaya, this educational enhancement aligns with efforts to foster a savings culture and promote economic awareness from an early age, essential for both personal financial growth and broader economic stability.
Yahaya emphasized the significance of teaching children about financial responsibility, noting that a robust savings culture supports credit availability, as bank deposits drive lending capabilities. This step also ties into Nigeria’s broader financial inclusion goals, which recently saw a growth in financially included individuals from 68.8 million in 2022 to 69.2 million in 2023.
This initiative is part of a broader national strategy to boost financial inclusion, with current statistics showing significant increases in banking access and formal financial participation across the country.