NSE CEO Lists Benefits of Financial Literacy to Economic Growth

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema has said benefits of a financially literate society are universal and its positive impact can be felt in the promotion of better livelihoods, economic growth, financial systems, and poverty reduction.

Onyema, who spoke at the award ceremony of the 2018 NSE Essay Competition in Lagos, noted that there is the need to build a platform that will help awaken the interest of our youths and buoy up students to learn and appreciate economic concepts, particularly as it concerns financial literacy and the significance of the capital market to the economy.

Represented by the Divisional Head, Shared Services, NSE, Bola Adeeko, Onyema said the essay , now in its 18th year, is the NSE’s flagship financial literacy and inclusion initiative.

According to him, the competition serves as a platform that gives the ability to view the perspectives of future leaders like you on key challenges relating to financial literacy, and provides us the opportunity to feel the pulse of the spread of financial inclusion in Nigeria.

He said: “This year, the NSE essay competition topic asked students to discuss “How technology can promote financial literacy and encourage investment habit among youths.” The goal is to get future leaders to think about how to adopt technology as a veritable tool for building a financially savvy generation. It is my belief that this topic will sow the seeds that will prepare this generation for the Fourth Industrial Revolution.”

Delivering a keynote address, the First lady of Ogun State, Mrs. Olufunso Amosun, who was represented by the Special Adviser on Information and Strategy, Ogun State, Yemisi Durojaye, commended the NSE for bringing out the initiative and added that the topic provided a unique opportunity for children to develop communication and leadership skills as well as competing keenly amongst one another.

“Using technology as a catalyst for financial education and financial prudence amongst today’s digital generation is an ingenious strategy that will inevitably yield results. Today’s youths are addicted to technology and the choices or decisions made and what use they put technology to defines positive or negative results. So financial literacy is pertinent, essential and a necessity to all and a major life skill required to actualize realistic goals,” she said.

Miss Lawrence Deborah of Good Shepherd School, Ajegunle Village, Atan-Ota, Ogun State, was been adjudged the overall winner of the competition for students in Senior Secondary Schools in Nigeria.

Deborah clinched the first position ahead of over 20,150 participants across the country, winning N500, 000 scholarship fund for her university education, N250, 000 equity investment, and a laptop.