CBN, NERDC to Include Financial Education in School Curriculum

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ABUJA, OCTOBER 12, 2016 – As part of efforts to improve financial literacy in the country, the Central Bank of Nigeria’s (CBN) in conjunction with Nigeria Education Development Council (NERDC) would soon commence teaching of financial education at all levels of the education system in Nigeria.The move aimed at teaching children on how to be better financial managers was announced yesterday at a press briefing in Lagos.

Speaking at the briefing, Director, Consumer Protection, CBN, Haijia Umar Dutse said: “I would use this opportunity to thank the management of the central bank of Nigeria, for its support to undertake this project and all other stakeholders.

“As we all know, financial education is not something one individual or one organisation can do. The framework itself has taken the approach of a multi stakeholder approach so all hands must be on deck for us to achieve our goals and objectives.

I am happy to a say that with the commitment from all stakeholders, NGO development partners, among others, I think this is going to go a long way. And at the end of the day, Nigeria is going to be one a reference point once this curriculum is developed and I think we are going to be better for it,” she added.

On his part, The Executive Secretary, Nigeria Educational Research and Development Council (NERDC). Professor, Ismail Junaidu said: “One of the major lessons learnt from the recent global financial crisis which resulted in the near collapse of the Nigerian financial system is of course lack of consumer and we all know consumers on Nigeria lack knowledge and skills that would enable them understand financial concepts to manage their personal financial matters to enhance their wellbeing.”

“As part of efforts to address these issues, a national financial inclusion strategy was launched by the federal government in 2012 which places high premium amongst others on financial literacy a major vehicle towards achieving this goal.”

“One of such final literacy initiatives is the development of a financial education curriculum to be taught at various levels of the formal education system, primary secondary and tertiary to inculcate the desired financial habits amongst the citizenry from a very young age to adulthood when decisions concerning financial and economic well-being are made.”

“This led to the project of developing a financial education curriculum for Nigerian schools at basic and secondary levels. The project is taking place under the auspices of the financial system regulators, CBN, NDIC, SEC, PENCOM, NAICOM, NSE, bankers committee, GIZ, MercyCorps, NGOs and an array of stakeholders.”

He added that the innovative curriculum comprises different themes namely money, savings, credit, insurance, deposit insurance, capital market, pension planning and budgeting, financial landscape and entrepreneurship. Also he added that this project has been approved by the federal ministry of education.

He said: ” Each theme contains different concepts, contents, activities, learning resources and evaluation guides all that sequenced and graduated for effective implementation and learning outcomes in the different lessons, classrooms and schools.”

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