CBN pursues model financial education curriculum

The Central Bank of Nigeria (CBN) has said the unveiled Financial Education Curriculum (FEC) would become a model for other countries, aimed at creating awareness on issues of financial management.

The apex bank said the curriculum is capable of developing entrepreneurial skills among Nigeria’s teeming youths. The Acting Director of Consumer Protection Department, CBN, Yinka Ahmed, stated this at a workshop organised by Nigerian Educational Research and Development Council (NERDC) in partnership with the bank in Lagos on Tuesday.

Already, NERDC, CBN and other financial institutions have developed a stand-alone curriculum, which was infused into the curricula of the relevant carrier subjects at the basic and senior secondary education levels.

Ahmed said the initiative, which birthed two years ago, was aimed at creating awareness on the issue of financial management. In his words: “I am aware that in other climes, it takes years to develop a financial education curriculum, some running into double digits. The project only commenced in 2016 and today we are already commencing the pilot phase and hope to launch during the next academic calendar.

“I am confident that our financial education curriculum shall be a reference point for many others to learn from. I am also optimistic that the depth of knowledge and skills required by consumers to understand financial concept and manage their personal financial matters to enhance their economic well being and also engender trust among them.”

Ahmed, who was represented by Oludamola Atanda, of the Consumer Education Division, Consumer Protection Department, CBN, added: “I am confident that the completion of this project and implementation of the FEC would prepare Nigerian youths for the challenges of contributing towards sustainable economic development of Nigeria. “The Executive Secretary, NERDC, Prof. Ismail Junaidu, said as part of the implementation measure, a pilot study of the initiative is needed, while the teachers in the career subject areas need to be exposed to the contents of the curricula.

According to him, NERDC in collaboration with CBN, organised this workshop to train teachers on the financial issues infused into the school curricula, to enable them participate effectively in the pilot study. Junaidu said the pilot study was meant for a few teachers and schools, adding: “This is to determine the appropriateness of the curriculum and the teachers’ guides for Nigerian schools and the society at large.”

He mentioned that 50 teachers would begin the pilot phase, stating that it was important for participating teachers to understand the content and the laid down teaching methods enable them implement the curriculum and determine the shortcomings, if any. He added that the feedback received from the field will further help to modify the curriculum and the teachers’ guides before they are finally rolled out for use in schools.


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