Financial literacy essential for empowerment

Omeiza Bilal Financial literacy, financial consumer protection, and financial inclusion have been described as three essential pillars for the financial empowerment of individuals and the overall stability of the financial system.

Director General of the Securities and Exchange Commission, Dr Agama Emomotimi stated this at the Flag-off of the 3rd Phase of the AFEC Financial Literacy and Inclusion Awareness Campaign organised by Abuja Enterprise Agency held in Abuja.

Represented by Deputy Director Market Development, Mrs.Ojone Kabir, the SEC boss explained that by raising awareness and providing practical financial knowledge, the Agency is helping to create a more inclusive and equitable financial environment.

He said,”According to the EFINA 2023 survey, Nigeria’s financial inclusion landscape has transformed significantly from 2016 to 2023 with formal financial service usage growing from 30,percent to 50 percent”

“The adoption of financial services agents has also skyrocketed from 4.4 percent in 2018 to 54 percent in 2023, this is a positive development , as it means more Nigerians are able to access formal financial services”

“Financial literacy is crucial for making informed decisions and achieving financial well- being , despite this urgent need, levels of financial literacy remain low, this campaign is a vital step towards improving financial literacy and empowering individuals to make sound financial decisions”.

Agama noted that Nigeria with her dynamic economy has the potential to remain the largest and most vibrant economy in Africa but that the potential is significantly constrained by the limited financial capability within the nation’s population.

The SEC DG stressed that Financial literacy is becoming increasingly important in today’s complex and uncertain world adding that the growing complexity of financial instruments, coupled with rising inflation and global uncertainties stemming from geopolitical tensions and climate change, highlight the urgent need for individuals to build financial capability and resilience.

Agama said the initiative represents a critical step toward fostering a more financially literate and inclusive society, and I am delighted to be part of this important event.

He said the SEC is mandated with a dual responsibility to regulate and develop a fair, orderly, and transparent Nigerian capital market that engenders investor confidence.

According to Agama, “A key aspect of this developmental role is investor education and financial literacy. The SEC recognizes that a well-informed population is essential to the stability and growth of the financial system.

“In line with this, the Commission, in collaboration with other stakeholders, is working toward incorporating capital market studies into the curricula of basic, primary, and secondary schools.
This initiative is aimed at ensuring that children develop a solid foundation in financial literacy, preparing them to become enlightened and responsible adults in the future.

Agama emphasised that the Commission is deeply committed to fostering a comprehensive capital market curriculum in Nigerian universities saying that then ongoing initiative remains a priority for the Commission, as it is vital to equip future professionals with the knowledge and skills required to navigate the evolving capital market.

In his welcome remarks,, the Acting Managing Directors, Abuja Enterprise Agency ( AEA) , Mr. Chidi Ugwuada- Ezirigwe disclosed that the agency has successfully sensitize over 150, 000 households in the Federal Capital Territory on financial literacy and inclusion.

Ugwuada – Ezirigwe, also revealed that the agency has taken delivery of business and financial management education to 38,127 Micro, Small and Medium Enterprises ( MSMEs) which has enhanced their financial knowledge and better decision – making in their business operations