The Nigerian Exchange Limited has organised a symposium to boost the financial literacy level of some students in Lagos to mark the 2024 Global Money Week.
GMW is an annual global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviours necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience.
This is the 12th edition of the global celebration with the theme “Protect Your Money, Secure Your Future”.
In his welcome address, the Acting Chief Executive Officer of the NGX, Jude Chiemeka, urged the students to embrace financial literacy and be aware that it is a lifelong endeavour.
He said, “I believe this theme holds particular significance, especially for young individuals like yourselves, who stand at a pivotal juncture in laying the groundwork that will ultimately shape the trajectory and quality of your lives a decade or more from now.
“This event represents a significant step in our ongoing commitment to cultivating a community of financially literate future leaders who possess the knowledge and skills to make well-informed financial decisions through the array of financial literacy resources at their disposal. Our sincere hope is that the insights gathered today will serve as a guide towards making sound financial choices to secure and strengthen your future.”
Shedding more light on the importance of financial literacy, Chiemeke added, “The famous saying by Robert Kiyosaki, the author of Rich Dad, Poor Dad, summarises the essence of our gathering today: ‘Financial freedom is available to those who learn about it and work for it.’
“In today’s dynamic and ever-changing economic landscape, these words ring truer than ever before. As we navigate the complexities of the financial world, it becomes increasingly evident that financial literacy and responsible money management are not just desirable traits but essential tools for achieving long-term financial security and prosperity.”
According to the NGX boss, it is not just about making money; knowing how to protect your money by understanding the possible risks in the world and deploying financial practices is crucial for securing your future.
“Recognising things that can make you lose money, like investing in wrong or illegal activities or not being careful when shopping online from promoted ads, is also part of being financially smart. If you stay informed and ask for advice from financial experts, you can lower risks and keep your money safe.”
“Navigating financial matters can sometimes feel overwhelming, especially when you are just starting your financial journey. It is important to always remember that financial education is a lifelong journey, and it may take some time to get the hang of it. I want to assure you that the Nigerian Exchange Limited is here to support you every step of the way.”
Also, Lanre Gbadamosi of the Consumer Protection Department at the Central Bank of Nigeria, highlighted the ‘Sabi Money Platform’ and how educative it is for schoolchildren.
“Sabi money platform is a platform where we have packaged 15 series of financial literacy topics. Financial planning has to start today and it has to start with you the children,” he said.
The founder and CEO of MinieMoney, Gbolahan Faniran, urged the students to take advantage of the symposium, saying, “Do not take it for granted. When we talk about protecting your money, and securing your future, you cannot do that by being lackadaisical about financial literacy.”
Meanwhile, the Acting Executive Director of Junior Achievement Nigeria, Olaolu Akogun, expressed excitement at the opportunities available to the students via financial literacy.
“I believe that with the programmes today, the young people will be equipped with financial literacy skills.”
The Head of Market Surveillance at the NGX Regulation, Abimbola Babalola, in his presentation, pointed out that the Sura market in Lagos was built with funds sourced from the capital market and encouraged the students to take advantage of the symposium.
He said, “Sura market was built with funds raised on the capital market, which is why we are encouraging local governments to come into the capital market.
“The easiest way to protect your money is to invest it. When you park your money, inflation will erode it. So, investment is your best bet. If you want to protect your money, you must invest in assets. We sell financial assets in the capital market. Going forward the way you see money should change. You can either consume or invest it for the future.
“Money is no longer physical. The modern-day currency is embedded in you. You don’t have to be a genius to come up with ideas. If you find a fault with something, sit down and seek a solution to it. The more problems you solve, the more value that you attract. It is only the time invested that translates to value. We must train ourselves to see opportunities. Also, deal with only market players who are licensed.”
The Chief Economist and Head of Economic Research/Intelligence at Coronation Merchant Bank, Chinwe Egwin, in her presentation, educated the students on the different economic terms and how it affects them.
“The first step for securing your future is attending events like this. Having clear goals can help you protect your money. There are some life skills that you need when investing, two of them are patience and self-control,” Egwin stated.
