Nigeria to introduce Financial Education in Schools’ Curriculum– CBN, NERDC

There are plans to introduce Financial Education in School’s Curriculum in Nigeria’s government schools. This was disclosed during a press briefing on the sideline of a workshop by CBN and NERDC on the infusion of financial education into the basic and senior secondary education curricula, in Lagos.Executive Secretary, NERDC, Professor Ismail Junaidu spoke to newsmen saying that “the curriculum, which is very innovative, comprises different themes namely: Money, savings, credit, insurance, deposit insurance, capital market, pension, planning and budgeting, financial landscape and entrepreneurship.“Each theme contains different concepts, contents, activities, learning resources and evaluation guides that are sequenced and graduated for effective implementation and learning outcomes in the different lessons, classrooms and schools (for all the levels targeted.)”The project was motivated by the need to address “consumers’ lack of knowledge and skills that would enable them understand financial concepts and manage their personal financial matters to enhance their economic well-being.”Also speaking, Head of the Consumer Protection Department of the CBN, Mrs. Umma Dutse said the financial education initiative is being executed through a multi-stakeholder approach as the project is taking place under the auspices of the financial systems regulators such as the CBN, Nigeria Deposit Insurance Corporation, Securities and Exchange Commission, National Pension Commission, National Insurance Commission, etc.She said: “Financial education is not what one individual or organisation can do. The framework has taken a multi-stakeholder approach, so all hands must be on deck for us to achieve all our goals and objectives. I am happy to say that with all the commitments we have seen from all stakeholders, the NGOs, and development partners, I am very sure that at the end of the day, Nigeria is going to be a reference point once this curriculum is developed.”She added: “This project is funded by the participating stakeholders and there is a fund set aside for this project until its logical conclusion.”On her part, a Director at NERDC, Prof. Kate Nwofo, said: “This project is going to be very beneficial. You know before now we have a curriculum in Business, Accounting, Commerce etc, but we needed to improve on what we already have so that the students will have better access to information.For instance, inside the Business Studies, we have found some deficiencies. As an entrepreneur, you need to know how to get access to credit and loans because your savings alone cannot meet all your needs, so we have developed that and we are infusing those aspects into the curriculum to make sure that an entrepreneur has enough information to be able to prepare a budget, create a business plan, source for funding and be able to manage a business without many challenges.”