As Global Money Week draws to a close, personal finance experts have reiterated the importance of financial literacy among Nigerians. The campaign, now in its 11th edition, is an annual global effort to raise awareness about the need for young people to become financially aware early on and to gradually acquire the knowledge, skills, attitudes, and behaviours necessary for sound financial decisions, financial well‑being, and resilience. The 2023 theme, “Plan Your Money, Plant Your Future,” guided a series of engagements across the country.
During the week, the Central Bank of Nigeria, the Securities and Exchange Commission, the Nigerian Exchange Limited, and other stakeholders—including nine Payment Service Banks—organized activities with students to highlight the state of financial literacy in Nigeria. A 2015 Financial Literacy Baseline Survey by the Central Bank revealed that financial illiteracy affected 31.1 % of urban residents and 68.5 % of those in rural areas. Among men, illiteracy rates were 48.5 % in urban areas and 50.3 % in rural areas.
Speaking with our correspondent, personal‑finance expert Kenneth Doghudje of MoneyTalkNG praised the stakeholders’ efforts during Global Money Week but warned that these initiatives must be intensified. “The importance of financial literacy cannot be overemphasised, especially as people face challenges in living successful, happy, and purposeful lives. Money is a very important tool—it is a means to an end,” he said. Because money is not taught in schools, he stressed that individuals need to understand it after graduation, making financial literacy essential.
Doghudje added that a person’s success is often judged by the ability to build and develop wealth. He urged that current efforts be “doubled or tripled” so that more people—particularly adults who make daily financial decisions—can grasp how money works and use it to achieve their goals.
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