CBN Partners NERDC on Financial Literacy in School Curriculum

The Central Bank of Nigeria (CBN) is collaborating with the Nigeria Education Research and Development Council (NERDC) to infuse financial literacy programme into the curriculum of secondary schools in the country.

The CBN Director, Consumer Protection Department, Mr. Kofo Abdulsalam-Alada, disclosed this while speaking during the School Mentoring Programme organised for students of selected secondary schools in Ikare-Akoko, Ondo State.

The programme held at Victory College, Ikare Akoko, was in commemoration of the World Savings Day.

Abdulsalam-Alada said the programme, in collaboration with NERDC was designed to enlighten students on savings and other financial investments.

According to the CBN director, the financial literacy programme, which is expected to commence in the current school calendar year, would be in Accounting, Commerce and Economics and other financial subjects.

He advised students to imbibe the culture of savings in order to meet their future and emergency needs.

“We have a collaboration with Nigeria Education Research Development Council (NERDC) in designing a curriculum that will ensure that financial literacy is actually infused into subjects that are being taught in secondary schools in Nigeria.

“Series of workshop had been done to pilot test some of the design programmes in Lagos. Within this school calendar year, infusion into the system should commence in subjects like  Accounting, Economics and Commerce in order to give the children knowledge about savings and other forms of investment. It is not when they get to the university that they start learning about financial literacy.

“We have some graduates out there who do not have financial literacy. You might get money but if you don’t have the management of these funds, you might have problem with spending. That is why CBN decided to introduce this programme to catch these children young,” he said.

While pointing out that inflation has been the major factor militating against savings in the country, Abdulsalam-Alada said that the apex bank would do everything  possible to address the situation.

The participating students were educated on various forms of saving money and other valuables and benefits that could be derived from the practice.

The CBN distributed enlightenment materials to participating schools at the event.