Kehinde Fajobi
The Central Bank of Nigeria (CBN), in partnership with the Nigerian Educational Research and Development Council (NERDC), is preparing to introduce financial literacy into the national school curriculum for primary and junior secondary students across the country.
Ibrahim Yahaya, the Acting Head of the CBN’s Consumer Protection Department, shared this update on Thursday at the World Savings Day event at Federal Science and Technical College in Orozo, Abuja.
Speaking with journalists, Yahaya noted that the curriculum, aimed at fostering financial literacy from a young age, will soon be launched.
“We have had a very wonderful collaboration with NERDC, the owners of curriculum development in Nigeria. The curriculum has been developed and is waiting to be launched. So, once that is launched, we will include it in the school curriculum for junior and basic schools,” he said.
He also added that it will cover critical topics on savings, investments, and essential financial information as the initiative aligns with the CBN’s aim to cultivate a savings culture and financial awareness early on.
“School intervention, especially at this time when we celebrate World Savings Day, is very, very crucial. Why? Because we are targeting young minds.
“Teaching them about the importance of savings is vital for economic development everywhere. What banks and other lending institutions give out as credit comes from our deposits, which are part of savings,” Yahaya explained.
This initiative follows CBN’s March announcement, aiming to finalise and integrate the National Financial Literacy Curriculum by October.
Recent CBN data also indicates that Nigeria’s financial inclusion rate grew from 65% to 67% in 2023, with the number of financially excluded people dropping from 36% (38.2 million) to 32% (33.9 million).
Further breakdown shows an increase in banked individuals from 47.7 million to 54.2 million, with additional gains through formal and informal financial channels.