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NGO harps on need for financial empowerment of youths

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Basic Economics and Entrepreneurship Education (BEEE) Initiative, a non-governmental organisation, has underscored the need for youths to be financially included in the nation’s agenda to stimulate self-reliance.

Dr Ngozi Egbuna, the Founder of the Initiative stated this on Wednesday in an interview with Nigeria News Agency in Abuja.

She said that financial empowerment programmes for youth could not be over-emphasised.

The organisation recently organised a quiz competition among 15 secondary schools in Abuja with a theme “Nairability Challenge 2019”.

The competition educated students on the Central Bank of Nigeria( CBN’s) financial inclusion target, a policy of the CBN which serves as a vehicle for economic development ensuring adequate protection, consumer confidence building trust in the financial services.

Winners of the competition included Holy Rosary Girls College, Gwagwalada which clinched 1st position, Louisville Girls Secondary School, Gwagwalada in 2nd position, and Divine Mercy Secondary School, Asokoro; 3rd position.

The participants from the school were Okonkwo Precious, Ogbole Sophie, Obi Jane, Usoro Precious, Owolabi Tolulope, Iro Michelle, Udeme Dominion, Onyekpere Chinyere and Ezirim Augustine.

Egbuna said that the Nairability challenge is a `brain-child’ of the organisation  aimed at giving economic and financial education to young people in order to make them financially and economically savvy.

“Our annual event seeks to encourage youths, teenagers and students to do vacation jobs during long holidays and also explore gaining knowledge on financial literacy which is now a front banner’’, she said.

She said that the NGO would continually run the programme to encourage students that although they did not offer economics as a West African Examination Council (WAEC) subject, no knowledge in life is a waste.

“The effort is to make sure that the coming generation are financially and economically literate and savvy.

“Economics is a life science. It gives one a broad room. Anybody who buys and sells, or consumes anything is practising the basic theory of economics which is demand, supply and scarcity’’, she said.

According to her, any student who is not financially and economically literate and savvy may end up  being corrupt and indulging in corrupt practices.

She said that any person, who lacked financial literacy, may engage in wrong investments that could eventually lead to bankruptcy in the future in.

Egbuna cautioned youths against investing in ponzi schemes, stressing that “it is detrimental to an  individual and to the nation to indulge in such investments.”

She said that the first ever Nairability challenge may have come and gone but that financial inclusion could not be over-emphasised.

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