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Sanusi decries low level of financial literacy

By on December 5, 2013

The Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, has lamented the low level of financial literacy among Nigerians.

He stated this at the second North East Economic Summit in Gombe.

A statement by the CBN on Wednesday quoted the CBN governor as calling for concerted efforts to help in developing necessary framework for the education of the people.

He said that lack of adequate financial literacy among the people, especially small business holders and low income earners, constituted an impediment to savings and capital formation.

Sanusi noted that financial instruments such as pension and insurance must be taken seriously as part of economic empowerment strategies.

These instruments, he noted, should not be seen as being designed for certain category of people as they had a lot of potential to serve as a catalyst for raising capital for economic development.

The statement said, “Sanusi also cautioned that inasmuch as finance is key in resolving developmental challenges, it is not the total solution.

“He reiterated that other issues like functional infrastructure, appropriate tariff regime and reliable legal system must also be in place for businesses to thrive.”

 

 

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