The Central Bank of Nigeria (CBN) has called on Nigerian youths to develop a strong savings culture as a foundation for a successful future. This message was delivered during the celebration of World Savings Day, held in Abuja yesterday, emphasizing the importance of saving from childhood through adolescence and into adulthood.
Mr. Ibrahim Yahaya, Acting Head of the Consumer Protection Department at CBN, addressed journalists at the event, highlighting the bank’s commitment to raising savings awareness. He noted that savings play a crucial role in providing the necessary funds for investors, thereby fostering economic growth through productivity and job creation.
“Today, the Central Bank of Nigeria is celebrating World Savings Day, an international event aimed at promoting the significance of savings,” Mr. Yahaya stated. “We want to instill the culture of savings among the youth so that as they grow, with the guidance and encouragement of their parents, they learn to save for future needs.”
He emphasized the importance of savings for unforeseen circumstances: “Life is full of unexpected journeys, and having savings allows you to have a safety net for any issues that may arise.”
Mr. Yahaya further explained that savings contribute to national economic growth, as they form part of bank deposits, which are then lent out to stimulate the economy. “Deposits are what banks use to lend, especially to the sectors that drive economic growth,” he added.
Despite the current high inflation rates, Mr. Yahaya encouraged the Nigerian public to continue saving. “There has always been the sentiment that income is insufficient to meet immediate needs and wants. However, savings should be regarded as a habit. If you wait until you have excess funds to save, you may never start.”
He concluded by urging individuals to view saving as a vital life skill. “Even in challenging times, if you make saving a part of your life’s culture, you will find it easier to manage your finances. Having savings provides a crucial fallback during trying times.”
The Central Bank of Nigeria (CBN) has called on Nigerian youths to develop a strong savings culture as a foundation for a successful future. This message was delivered during the celebration of World Savings Day, held in Abuja yesterday, emphasizing the importance of saving from childhood through adolescence and into adulthood.
Mr. Ibrahim Yahaya, Acting Head of the Consumer Protection Department at CBN, addressed journalists at the event, highlighting the bank’s commitment to raising savings awareness. He noted that savings play a crucial role in providing the necessary funds for investors, thereby fostering economic growth through productivity and job creation.
“Today, the Central Bank of Nigeria is celebrating World Savings Day, an international event aimed at promoting the significance of savings,” Mr. Yahaya stated. “We want to instill the culture of savings among the youth so that as they grow, with the guidance and encouragement of their parents, they learn to save for future needs.”
He emphasized the importance of savings for unforeseen circumstances: “Life is full of unexpected journeys, and having savings allows you to have a safety net for any issues that may arise.”
Mr. Yahaya further explained that savings contribute to national economic growth, as they form part of bank deposits, which are then lent out to stimulate the economy. “Deposits are what banks use to lend, especially to the sectors that drive economic growth,” he added.
Despite the current high inflation rates, Mr. Yahaya encouraged the Nigerian public to continue saving. “There has always been the sentiment that income is insufficient to meet immediate needs and wants. However, savings should be regarded as a habit. If you wait until you have excess funds to save, you may never start.”
He concluded by urging individuals to view saving as a vital life skill. “Even in challenging times, if you make saving a part of your life’s culture, you will find it easier to manage your finances. Having savings provides a crucial fallback during trying times.”