HubbleBit reports – Nigeria’s Plan to Expand Financial Literacy Program is a Step in the Right Direction

London, UK — Financial literacy is a term you might have heard tossed around quite a bit, but what does it mean? Financial literacy is the education and understanding of financial concepts. It’s important for individuals to be financially literate so they can make informed decisions about their money and future. There are many different aspects of personal finance that fall under the financial literacy umbrella. Some key topics include budgeting, saving, investing, and credit. By increasing your financial literacy in these areas, you’ll be better equipped to manage your money and make sound financial decisions.

One way to improve your financial literacy is to simply take the time to educate yourself on personal finance topics. Read books, articles, or blogs on the subject. Talk to friends or family members who are financially savvy. There are also a number of financial literacy courses available online or at your local community college. Despite the fact that many schools offer courses in personal finance, many young adults are still not financially literate. This is likely due to the fact that financial literacy is not a requirement in most schools. This means that it’s up to individuals to proactively seek out financial education.

HubbleBit Broker Kate Hamilton says. “It is common for investors to seek out the most successful and wealthy people in their field and try to copy their every move. Often, this leads to making investment decisions based on speculation rather than sound research.”

Nigeria’s move

The Minister of Finance, Budget and National Planning, Dr Zainab Shansuna Ahmed, on Tuesday, said that the Ministry of Finance (MOF) would train 12,000 federal government employees in financial literacy as part of its role to lower the rate of financial hardship and contribute to economic growth in general. As a result, the move for financial education among public employees would continue to promote inclusive economic growth, she said.

During the official Flag-off Ceremony of the Service Wide Financial Literacy in the Workplace Programme on Financial Inclusion taking place in In Abuja, Aliyu Ahmed, Minister who was represented by the Permanent Secretary of Finance Federal Ministry of Finance revealed this plan. According to her, the plan is to expand this program to 12,000 government workers by December 2022. It’s also worth noting that the Ministry plans to expand the programme to additional MDAS by January 2023.

Kate Hamilton said, “The Nigerian government’s move to train 12,000 federal employees in financial literacy is a step in the right direction. Financial literacy is critical for individuals to make informed decisions about their money and future. By increasing financial literacy, individuals will be better equipped to manage their money and make sound financial decisions.” She further added, “I commend the Nigerian government for taking this important step to improve financial literacy in the country.”

Financial literacy is not only important for individuals, but also for businesses and countries as a whole. For businesses, financial literacy can help them make sound investment decisions, understand and manage risk, and make informed decisions about their own finances. For countries, financial literacy can help to promote economic growth and development.

Another research found that the majority of government workers do not practice good savings techniques, but rather tend to spend more than they earn. Financial literacy, while not being a cure-all, may help to manage future financial catastrophes by allowing public employees to learn how to use financial products and services effectively in order to improve their skills and confidence.

More insights

The Minister went on to say that the training was given by GIZ, the Central Bank, and the Federal Ministry of Finance, Budget and National Planning. She went on to say that the program will continue as long as the government can capture a large proportion of lower-level civil servants. The Permanent Secretary for Finance, Special Duties in the Ministry, Shehu Aliyu Shinkafi, has previously stated his backing for the goal of having 95% financial inclusion by 2024. According to the speaker, public sector employees face a slew of problems in making well-informed financial decisions due to the volatility of the financial market.

As a result of the Covid 19 pandemic, all countries have suffered economically. The economic impact of the pandemic has been a source of concern to the government and policymakers on how to cushion the economic shock caused by it. The Federal Government of Nigeria is determined to provide social safety nets for its citizens and revamp the economy by creating more jobs and growing the economy.

Kate Hamilton said, “In order to reduce the rate of financial hardship in Nigeria and contribute to economic growth, the government has introduced various initiatives. I commend the government for taking this important step to improve financial literacy in the country.” She further added, “Other countries should follow suit and introduce financial education programmes to help their citizens become more financially resilient.”

Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.

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