Nigerian youngsters have been urged by the Central Bank of Nigeria (CBN) to develop a saving culture in order to have a happy future. The topic of yesterday’s World Savings Day, which was observed by the apex bank in Abuja, was the necessity of saving money from childhood through adolescence and adulthood.
At the event, Mr. Ibrahim Yahaya, the Acting Head of the CBN’s Consumer Protection Department, told reporters that the CBN was dedicated to raising awareness about savings because, in his view, savings offer the required pool of capital for investors to borrow from and help expand the economy through job creation and productivity.
“The Central Bank of Nigeria is commemorating World Savings Day today,” he said. The goal of this annual international celebration is to raise awareness of the value of saving money. We wish to establish a culture of saving among young people so that, from an early age, they will learn to save for unforeseen circumstances as they grow up under parental guidance and discipline.
“Saving is crucial due to unforeseen circumstances. Since life is full of adventures, you should save money so that you will have support in case something goes wrong and you can deal with those situations.
Savings are crucial to the expansion of the national economy. Deposits comprise savings. Banks lend from these deposits, and as you may know, lending stimulates economic expansion. “The banks utilise our deposits to make loans, particularly to the actual sectors that propel economic expansion.” In spite of the high rate of inflation, Mr. Yahaya urged Nigerians to keep saving.
“There has always been that agitation that income is never enough to meet immediate needs and wants,” he added, referring to the length of time we have been on this path. That is how it has always been. As the court halts Rivers’ monthly allocations, Atiku, MOSOP, and others issue a warning.
However, saving money is still crucial. Savings need to become second nature. You will never save if you insist that you must have much first. However, if you develop the habit of setting away something, you will recognise its significance tomorrow, regardless of the difficulties.
Therefore, inflation has indeed existed. I am aware that it is more difficult now. However, I believe you will find it quite easy if you accept it as a part of your culture and mentality. “And of course, you know how the impact will be in these difficult times if you have the savings and something to fall back on now.”
