Nigeria Thrusts Forward With Financial Literacy

In a move to drive higher levels of financial literacy in Nigeria, Arunma Oteh, the Director-General of the Securities and Exchange Commission (SEC), is promulgating the importance of financial education, with the SEC being well positioned to serve as the focal point of developing, coordinating and rolling out programs and projects aimed at empowering Nigerians to take more control over their personal financial decisions.

Oteh’s remarks came during her meeting with members of the Nigerian Institute of Management in Abuja and included comments relating to the importance of enabling greater access to information, tools and resources for Nigerians so they can better understand savings, budgeting, credit and debt management.

The Nigerian SEC has received broad praise for its commitment to financial education, which many contend has helped raise the level of investor confidence in the country’s market. One of the SEC’s objectives is to ensure that ten million Nigerians participate in the market within the next ten years.

Nigeria has been moving ahead aggressively in the areas of financial literacy and financial inclusion. One of the more recent examples is the Financial Literacy Challenge, which was developed to create innovative web and mobile apps and games to deliver financial literacy in Nigeria. More information on the Challenge can be found here.