CBN Urges Nigerian Youth to Embrace Savings Culture for a Secure Future

 

The Central Bank of Nigeria (CBN) has called on Nigerian youth to adopt a habit of saving, underscoring its importance in achieving a secure financial future. The announcement came as the CBN joined the global celebration of World Savings Day on October 31 in Abuja.

Speaking at the event, Mr. Ibrahim Yahaya, the Acting Head of the CBN’s Consumer Protection Department, highlighted the bank’s dedication to increasing savings awareness. According to Yahaya, cultivating a savings culture provides a critical fund source that drives investments, productivity, and job creation, ultimately contributing to the country's economic growth.

“Today, the Central Bank of Nigeria is celebrating World Savings Day, a global event that emphasizes the value of savings,” Yahaya stated. “We aim to instill the habit of saving among young people so they grow up with the discipline of saving, encouraged by their parents, to prepare for future needs.”

Yahaya also noted the essential role of savings in dealing with life’s uncertainties. “Life is full of unpredictable journeys,” he explained, “and saving allows you to have something to rely on when unexpected events arise.”

He further emphasized that savings fuel economic growth, as banks use deposits to lend funds, especially to sectors that significantly impact the economy. "What we have in deposits is what the banks use to provide loans, particularly to the real sectors driving growth."

Despite rising inflation and concerns about the diminishing value of money, Mr. Yahaya encouraged Nigerians to continue saving. His remarks come amidst public skepticism over savings, given the high inflation rate that continues to erode the value of currency.