CBN Urges Youths to Save for a Successful Future

The Central Bank of Nigeria (CBN) has urged Nigerian youths to embrace a culture of saving for a successful future.

The apex bank marked World Savings Day on October 3 in Abuja.

During the event, Mr. Ibrahim Yahaya, Acting Head of the Consumer Protection Department at CBN, told journalists that the bank is dedicated to promoting savings awareness.

He emphasized that savings create a crucial pool of funds for investors to borrow from, fostering economic growth through productivity and job creation.

He said, “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 keep saving, despite the high inflation rates.

This comes as many Nigerians express concerns about the value of their savings diminishing daily due to inflation.