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CBN, NERDC to deepen financial literacy in schools

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The Central Bank of Nigeria (CBN) and the Nigeria Education Research and Development Council (NERDC) yesterday started the process of including financial education in the basic and senior secondary education curricular.

Speaking yesterday at the event, CBN Director, Consumer Protection Department, Umma Dutse, noted that part of the important mandate of the apex bank was the promotion of a sound financial system in the country.
She disclosed that the CBN in collaboration with other agencies have set aside some funds for the project.  Dutse also noted that the National Financial Literacy Framework was developed drawing from experiences in the design and implementation of similar frameworks in other jurisdictions.
“As we all know, financial education is not something one individual or one organisation can do. The framework itself has taken a multi-stakeholder approach. So,  all hands  must be on deck for us to achieve our goals and objectives. I am happy to say that with the commitment from all stakeholders, this is going to go a long way. And at the end of the day, Nigeria is going to be one reference point once this curriculum is developed and I think we are going to be better for it,” she said.
NERDC’s Executive Secretary, Ismail Junaidu, said the implementation of this project would equip the youths with financial and entrepreneurship skills needed to compliment the skills they acquire in other subjects.
The project, he added, would help them contribute towards the country’s sustainable economic development.
Junaidu said the project is taking place under the auspices of the financial system regulators, including the CBN, Nigeria Deposit Insurance Corporation (NDIC), Securities and Exchange Commission (SEC). Pension Commission (PENCOM), NAICOM, Nigeria Stock Exchange (NSE), Bankers Committee, development partners, civil society, NGOs and array of stakeholders. He added that NERDC was coordinating and providing leadership on the project.
Speaking with newsmen at the workshop, a Professor of Economics, Sule Mogaji in Abuja, said: “It was very interesting, considering that most of our students graduate without sound background of financial education.”

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