Why financial literacy is vital for young Nigerians – NDIC

The Nigeria Deposit Insurance Corporation (NDIC) has urged young Nigerians to invest their finances as that will be the only guarantee to a secured future for them.

The corporation gave the charge yesterday during the 2023 Global Money/Financial Literacy Week held at Government Secondary School, Tudun Wada, Wuse Zone 4, Abuja.

Speaking on the investment, Dr. Waziri Galadima of the Research Directorate of the corporation said it is important for young Nigerians to invest in sectors that will yield substantial returns.

“Investing in bonds, stocks and real estate is one way that can make your money grow which is why financial literacy is important so you can understand and effectively use various financial skills,” he said.

Galadima added that to invest wisely, budgeting and separating needs from wants must be taken seriously.

Also speaking on the mandate and operations of NDIC, Mr Tanko Yahaya Ibrahim of the operations department said the corporation ensures the soundness and safety of banks’ deposits across Nigeria.

He added that, “the NDIC covers N500,000 for Deposit Money Banks, and N200,000 for microfinance banks and also collaborates with CBN to undertake onsite examination of licensed deposit-taking financial institutions.”

Earlier in his remarks, the principal, Government Secondary School, Tudun Wada, Wuse Zone 4, Mr Akor Joseph, noted that the students were privileged to get financial education at this stage of their life and urged them to utilise the knowledge to prepare for their future.

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