Director-General of the Securities and Exchange Commission, Dr. Agama Emomotimi, has described financial literacy, financial consumer protection, and financial inclusion as three essential pillars for the financial empowerment of individuals and the overall stability of Nigeria’s financial system.
Emomotimi made this remark during the Flag-off of the 3rd Phase of the AFEC Financial Literacy and Inclusion Awareness Campaign organised by Abuja Enterprise Agency (AEA) held in Abuja.
Represented at the forum by the commission’s Deputy Director Market Development, Mrs. Ojone Kabir, the SEC boss explained that by raising awareness and providing practical financial knowledge, the commission was helping to create a more inclusive and equitable financial environment.
He said: “According to the EFINA 2023 survey, Nigeria’s financial inclusion landscape has transformed significantly from 2016 to 2023 with formal financial service usage growing from 30% to 50%.
“The adoption of financial services agents has also skyrocketed from 4.4 percent in 2018 to 54 percent in 2023, this is a positive development , as it means more Nigerians are able to access formal financial services
“Financial literacy is crucial for making informed decisions and achieving financial well- being , despite this urgent need, levels of financial literacy remain low, this campaign is a vital step towards improving financial literacy and empowering individuals to make sound financial decisions”, the investment expert stressed.
Agama noted that Nigeria with her dynamic economy had the potential to remain the largest and most vibrant economy in Africa, lamenting that the nation’s potential is significantly constrained by the limited financial capability within the nation’s population.
The Director-General noted that financial literacy was becoming increasingly important in today’s complex and uncertain world adding that the growing complexity of financial instruments, coupled with rising inflation and global uncertainties stemming from geopolitical tensions and climate change, highlight the urgent need for individuals to build financial capability and resilience.
Agama said the initiative represented a critical step toward fostering a more financially literate and inclusive society, and that he was delighted to be part of this important event.
He said the SEC was statutorily mandated with a dual responsibility to regulate and develop a fair, orderly, and transparent Nigerian capital market that engenders investor confidence.
The SEC boss clarified: “A key aspect of this developmental role is investor education and financial literacy. The SEC recognizes that a well-informed population is essential to the stability and growth of the financial system.
“In line with this, the commission, in collaboration with other stakeholders, is working toward incorporating capital market studies into the curricula of basic, primary, and secondary schools.
“This initiative is aimed at ensuring that children develop a solid foundation in financial literacy, preparing them to become enlightened and responsible adults in the future.
Agama maintained that the Commission remained fully committed to fostering a comprehensive capital
market curriculum in Nigerian universities, adding that ongoing initiative remains a priority for the Commission, as it is vital to equip future professionals with the knowledge and skills required to navigate the evolving capital market.
In his welcome remarks, the Acting Managing Director, Abuja Enterprise Agency ( AEA), Mr. Chidi Ugwuada- Ezirigwe, disclosed that the agency had successfully sensitized over 150, 000 households in the Federal Capital Territory on financial literacy and inclusion.
This is even as he confirmed that the agency had delivered business and financial management education to 38,127 Micro, Small and Medium Enterprises ( MSMEs) , which has enhanced their financial knowledge and better decision – making in their business operations
He explained: ” Facilitation of access to financial services especially to the un-banked and under- banked MSMEs in the rural areas in FCT have been taken care of, we have also ensure the facilitation of access to grant/ loan facilities to approximately, 30,000 MSMEs in the territory under various government and private intervention programmes/schemes.”
Ugwuada- Ezirigwe added that the 3rd AFEC financial Literacy and Inclusion Campaign being flagged off was designed to equip owners of the MSMEs and individuals with requisite financial skills to navigate the complex world of business and financial management so as to make informed decisions that foster financial security and business success.
Photo Caption
L-R: Representative of the Permanent Secretary, FCTA Youth Affairs, Mrs Nancy Nathan , Acting MD, Abuja Enterprise Agency (AEA), Mr. Chidi Ugwuada- Ezirigwe, and Deputy Director Securities and Exchange Commission, Mrs Ojone Kabir during the Flag-off of the 3rd Phase of the AFEC Financial Literacy and Inclusion Awareness Campaign organised by the agency in Abuja
