In hard times, people still create wealth, build houses, buy new cars and do charity. These things leave many people in bewilderment, but everyone has the same 24 hours.
However, one thing may be lacking in wealth creation – information. Unfortunately, it is the missing link in the factors of production you were taught in school.
Now, the Central Bank of Nigeria (CBN) is emphasising that financial literacy is a tool that improves every nation’s economic trajectory.
It says lack of adequate information may be a part of the problem people who are supposed to create wealth in a nation are facing.
Adequate Financial Literacy
Nigeria, as a nation, has all it takes to create wealth and achieve improved income.
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But that is not happening because financial literacy has not been allowed to achieve its full potential.
The head, consumer education and evaluation division, consumer protection dept of the CBN, Gbadamosi Lanre, revealed this.
He said Nigeria could create wealth, achieve improved income, better standard of living, and people’s well-being through adequate financial literacy.
Gbadamosi made this known while addressing students at the CBN 2024 Global Money Week celebrations at its Abuja headquarters.
The theme for this year’s edition is “Protect Your Money, Secure Your Future,” which stresses the importance of learning from an early age.
According to him, the CBN is concerned about the low level of financial literacy in the country.
Furthermore, Gbadamosi told the gathering that financial literacy had only risen from 13% to about 33% over the years.
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According to him, financial literacy is a key component of financial empowerment of the people and inclusion.
This, he said, had grown to about 74% as of December 2023, from about 68% in 2020.
Also, the participants will be experiencing the history of currency in NIgeria when they visit the museum.
They were told that their visit to the Currency Museum would be engaging, educative and enlightening.
“You will learn about the different banks in Nigeria, the evolution of money and how to open accounts, money management.
“There will also be a special session on fraud and scams, and the importance of investing,” he told the students.
To this end, going after legitimate and helpful information would be a good thing every who wants to create wealth in hard times should do.
