The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Educational Research and Development Council (NERDC) yesterday disclosed that plans to commence the financial education curriculum (FEC) next session for Basic and Senior Secondary Education levels across Nigeria have gotten to advanced stage.
The Acting Director of Consumer Protection Department, CBN, Mr. Yinka Ahmed said this at a workshop for the implementation of the FEC in Lagos.
He said the initiative, which commenced two years ago, was aimed at creating awareness on the issue of financial management; develop entrepreneurial skills among the teeming youth of Nigeria as well the importance of managing resources.
Ahmed said: “I am aware that in other climes it takes years to develop a financial education curriculum, some running into double digits. The project only commenced in 2016 and today we are already commencing the pilot phase and hope to launch during the next academic calendar.”
Ahmed, who was represented by Mr. Oludamola Atanda of the Consumer Education Division, Consumer Protection Department, CBN, said he was confident that the financial education curriculum would be a reference point for many others to learn from.
“I am also optimistic that the depth of knowledge and skills required by consumers to understand financial concept and manage their personal financial matters to enhance their economic wellbeing and also engender trust among them in the financial system which has bedevilled our country over the years would be addressed through the implementation of this curriculum.
“It is indeed interesting and gratifying to know that these issues are even being addressed by the FEC in advance as it is catching them young as we did not enjoy this during our childhood, our children are going to enjoy.
“I am confident that the completion of this project and implementation of the FEC would prepare Nigerian youths for the challenges of contributing towards sustainable economic development of Nigeria,” he explained.
On his part, the Executive Secretary, NERDC Prof. Ismail Junaidu said: “Financial Literacy is the set of skills and knowledge that allows an individual to make informed and effective decisions in matters that relate to finance and financial resources.
“It has to do with the ability to manage money, invest and understand how money works. The intervention of the federal government in the reconstruction of positive values in financial management through education, led to the conception of the FEC.”