The Central Bank of Nigeria (CBN) has charged Nigerian youths to cultivate the culture of savings for a fulfilled future.The need to save money from childhood, through adolescence to adulthood formed the theme of yesterday’s World Savings Day, celebrated by the apex bank, in Abuja. The Acting Head of Consumer Protection Department of CBN, Mr. Ibrahim Yahaya, told journalists at the event, that CBN was committed to savings awareness creation, as according to him, savings provide the necessary pool of funds for investors to borrow from and grow the economy through productivity and job creation.
His words, “Central Bank of Nigeria today is celebrating the World Savings Day. It is an international event that is celebrated each year and its emphasis is to promote the importance of savings.
We want to instill the culture of savings among the youth so that right from that age, as they grow up with the discipline and with the encouragement of the parents the children will learn to save for future events that may arise.
“It is very important to save because of eventualities. You know this life is full of a lot of journeys so you need to save in case any issue arises you will be able to have something to fall back on so as to address those eventualities.
“Savings are very important to national economic growth. Savings are part of deposits. It is from these deposits that banks lend and you know, lending drives economic growth.
“So what we have as deposits is what the banks use to lend out especially to the real sectors that drive economic growth.”
Mr. Yahaya encouraged the Nigerian public to continue to save, despite the high rate of inflation.He said, “Over time that we have been in this journey, there has always been that agitation that income is never enough to meet immediate needs and wants. So it has always been like that.OME
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October 31, 2024
CBN charges youths to save
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Emma Ujah, Abuja Bureau Chief
The Central Bank of Nigeria (CBN) has charged Nigerian youths to cultivate the culture of savings for a fulfilled future.
The need to save money from childhood, through adolescence to adulthood formed the theme of yesterday’s World Savings Day, celebrated by the apex bank, in Abuja.
The Acting Head of Consumer Protection Department of CBN, Mr. Ibrahim Yahaya, told journalists at the event, that CBN was committed to savings awareness creation, as according to him, savings provide the necessary pool of funds for investors to borrow from and grow the economy through productivity and job creation.
His words, “Central Bank of Nigeria today is celebrating the World Savings Day. It is an international event that is celebrated each year and its emphasis is to promote the importance of savings.
We want to instill the culture of savings among the youth so that right from that age, as they grow up with the discipline and with the encouragement of the parents the children will learn to save for future events that may arise.
“It is very important to save because of eventualities. You know this life is full of a lot of journeys so you need to save in case any issue arises you will be able to have something to fall back on so as to address those eventualities.
“Savings are very important to national economic growth. Savings are part of deposits. It is from these deposits that banks lend and you know, lending drives economic growth.
“So what we have as deposits is what the banks use to lend out especially to the real sectors that drive economic growth.”
Mr. Yahaya encouraged the Nigerian public to continue to save, despite the high rate of inflation.
He said, “Over time that we have been in this journey, there has always been that agitation that income is never enough to meet immediate needs and wants. So it has always been like that.
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“But still, savings is important. Savings should be taken as a habit. If you say you need to have plenty before you save, then you will never do it.
“But if you make it a habit, keep something aside, no matter the challenges, you will see the importance tomorrow. So inflation, yes, inflation has been there. I know it is more challenging these days. But if you take it as part of a life, you know, culture, a life attitude, I think you will find it very easy.
“And of course, if you have the savings, if you have something to fall back on now, of course, you know how the impact will be in these trying times.”
Source :Vanguard
