By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Friday said 14 million Nigerian youths are financially excluded; having no access to financial services (formal or informal), according to Bola Adeeko, head, corporate services division, of the NSE.
A breakdown of this shows that as at 2014, Nigeria had a youth population (18 – 25 years) of 29.4 million, 47 percent of this population (approximately 14 million youths) are financially excluded, Adeeko said in his opening remarks at an investors’ clinic for youths organised by the Exchange themed “ Securing Your Tomorrow, Today”.
According to him, young people, regardless of their socio-economic, demographic or geographical situations, face some degree of difficulty or uncertainty as they transition to adulthood. “Access to financial and social assets is a key contributing factor to help youth make their own economic decisions and escape poverty. Having the right information can make a significant difference in the type of decisions youths make at that stage of their life,” Adeeko added.
He affirmed that personal financial planning is no longer a concept that applies solely to members of the labour force, adults in our society or the upper social class. Contemporary society requires everyone to understand the principles of money and develop personal financial management skills that will enable them manage their finances effectively and achieve financial freedom.
“Financial freedom is much more than having money. It is the freedom to do what you want to do without your current financial position being a constraint. Enjoying the rewards of financial freedom is simply a matter of increasing your financial education, determining where you are now financially and where you want to be. This is the decision we encourage everyone to take, and each participant present today has an opportunity to make that decision early in life,” Adeeko said.
He advised the youths to start early to secure themselves financially. “Aside from understanding capital market products as individual investors, this programme is intended to aid the appreciation of basic investment principles, deepen your understanding of personal financial management, promote financial literacy and gradually help in restoring confidence in the Nigerian Capital Market across the youth demography, through dissemination of information about investment principles which can be used to leverage the Capital Market to grow and preserve wealth,” he added.
Those who made presentations at the event include Chukwuka Monye, director general, Delta State Economic Summit Group who spoke on Understanding Capital Market Basics, Nimi Akinkugbe, CEO, Bestman Games discussed, Personal Financial Management. While Adetola Fasuyi, group head, asset management, Sterling Capital Limited presented on Understanding Your Investment Choices. Oladapo James, head, corporate communications, Afrinvest gave a step by step approach on using its online portal to access and monitor an investment portfolio.
Speaking on their experience at the investors’ clinic, Damilola Obafemi an applicant said “I’ve always heard that the stock exchange is relevant to the Nigeria and the economy. Being here today is an opportunity for me to get information that will allow me to participate in the market”.
While Kayode Awokoya, an applicant and a participant, also said “It is a very well organized event basically for the youths, and I think being here is an opportunity for me to take away skills and knowledge on investment opportunities available for youth in the country” while Michael Adewunmi from Portfolio Advisory Limited, a stockbroking firm, said “I got the information about this event from the Nigerian Stock Exchange’s website. I’m here to acquire knowledge about the market and to apply and disseminate such information to people who need it”.
In closing, Pai Gamde, head, human resources at the NSE reiterated that “It is imperative that this financial literacy clinic hits home. With the startling statistics that 47 percent of our 29.4 million youths within the ages of 18 and 25 years are financially excluded and they have no access to financial services either formally or informally. As a responsible organization, we will continue to play our part in deploying financial literacy programmes that will develop our youths to become sound leaders of tomorrow.”
The investors’ clinic is a free and open financial literacy and inclusion programmes to educate Nigerian youths on the culture of investment in the capital and money markets. To participate in the clinic, the youths were simply required to apply online. To further extend the invitation to other young people who may not be digitally savvy yet, the NSE partnered with youth empowerment focused Non-Governmental organisations like Lynx Nigeria; Mind the Gap and Fifth Gear Plus to get additional participants.The NSE says over a 100 youths participated at the event.
