NERDC To Introduce Financial Education In Schools

October 24, 2016


By Modupe Gbadeyanka

The Nigeria Education Research and Development Council (NERDC) has disclosed that it would soon introduce financial education into basic and senior secondary education curricula in Nigeria.

This, it explained, would be done in collaboration with the Central Bank of Nigeria (CBN) and other agencies having links with the financial sector.

NERDC explained further that some of the key areas of focus for inclusion are money, savings, credit, insurance, deposit insurance, capital market, pension, planning and budgeting, financial landscape and entrepreneurship.

Addressing a press conference on the sideline of a workshop, Executive Secretary of NERDC, Professor Ismail Junaidu, disclosed that the idea 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 wellbeing.

He said 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 of the themes, the NERDC boss said, “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.”

Director at NERDC, Professor Kate Nwofo, also said at the occasion that this project is going to be very beneficial.

“You know before now we have 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 much challenges,” Prof Nwofo stated.

The CBN, on its part, noted that 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.

Also addressing newsmen at the briefing, Head of the Consumer Protection Department of the CBN, Mrs Umma Dutse, stressed that, “Financial education is not what one individual or organisation can do.”

She added that, “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.”

This project, Mrs Dutse said, is funded by the participating stakeholders and there is fund set aside for this project until its logical conclusion.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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