The Central Bank of Nigeria (CBN), in partnership with the Nigerian Educational Research and Development Council (NERDC), is set to introduce financial literacy into the school curriculum for both junior and primary schools across the nation. This initiative aims to enhance the financial knowledge of young Nigerians, equipping them with essential skills related to savings, investments, and other crucial financial matters. Mr. Ibrahim Yahaya, the acting Head of the Consumer Protection Department at the CBN, announced this significant development during a 2023 World Savings Day celebration held at the Federal Science and Technical College in Orozo, Abuja. Yahaya emphasized that the finalized curriculum is eagerly awaiting its launch, after which it will be integrated into the academic syllabus for junior and basic levels.
The ongoing collaboration between CBN and NERDC underscores the urgency and relevance of instilling financial literacy early in a child’s education. Mr. Yahaya mentioned that the curriculum has been under development for some time and that efforts are being made to expedite its official unveiling. By focusing on the importance of savings and investment education, the initiative seeks to nurture a generation that understands the fundamental concepts of financial management, which is vital not only for the individuals but for the economic progress of the country. The lessons will cover topics that shape financial habits and knowledge, ensuring that students acquire valuable insights into managing their finances effectively.
Highlighting the significance of this initiative, Mr. Yahaya pointed out that World Savings Day serves as an opportune moment to launch this curriculum, amplifying its relevance. He underscored the crucial role of fostering a culture of saving, particularly among young minds, as it is foundational for economic development. By promoting a saving culture in schools, the CBN aims to instill a sense of responsibility and an understanding of the value of savings in children, which can lead to better financial decisions in adulthood. According to Yahaya, the relationship between deposits in banks and the credit they extend illustrates the importance of savings in the finance sector, making it imperative to cultivate such habits from a young age.
In March 2024, the CBN expressed its commitment to finalizing the National Financial Literacy Curriculum for inclusion in schools by October of that year. This goal reflects the CBN’s proactive approach to promoting financial literacy as a means to drive financial inclusion. Recent data from the CBN indicated that Nigeria’s total financial inclusion level has risen from 65 percent to 67 percent, with the number of financially included individuals now totaling approximately 69.2 million. Such statistics emphasize the positive trends in financial literacy and inclusion, suggesting that concerted efforts can yield significant outcomes in elevating awareness and access to financial services among the populace.
While it is encouraging to note the progress made in increasing financial inclusion—where the number of banked individuals grew from 47.7 million to 54.2 million—there remains a considerable portion of the population that is still financially excluded. The drop in the percentage of financially excluded individuals, from 36 percent to 32 percent, represents an important but gradual change. It highlights the need for continued interventions to bridge the gap in financial access, steered by initiatives such as the integration of financial literacy into the school curriculum. Yahaya emphasized that improving financial behavior begins with education, hence the push to make financial literacy an integral part of the educational landscape.
As the CBN and NERDC work towards the realization of this curriculum, they also highlight the broader implications of financial literacy on economic stability and growth. Education in financial principles not only prepares children to navigate their personal finances but also fosters a responsible future generation that can contribute positively to the economy. With supportive data reflecting positive trends in financial inclusion, the institutions supporting this initiative establish a solid framework for understanding how foundational knowledge in finance can lead to informed and responsible financial practices among Nigerians, promoting a culture of savings and investments essential for economic prosperity.
