At a seminar hosted by the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA) in Ebonyi State, Mrs. Priscilla Eleje, a former Director of Currency Operations at the Central Bank of Nigeria, urged Nigerians to develop a savings Culture for long-term financial success. The purpose of the event, which had as its theme “Financial Literacy: Building Confidence and Independence,” was to increase public understanding of money management. Eleje suggested that people invest in assets rather than liabilities and set aside a portion of their income for savings. In order to promote grassroots economic growth, she also underlined the necessity of expanding financial Literacy initiatives, especially for women and those who receive state government Empowerment grants.
Governor Francis Nwifuru’s advocacy for financial planning as a means of combating Poverty and building human potential was emphasised by other speakers, such as the Ebonyi State Commissioners for Aviation and Human Capital Development. They suggested that women separate their personal and corporate finances and adopt a prudent budget. South East Chamber of Commerce, Industry, Mines, and Agriculture (SALTCCIMA) leaders, including Dr. Emmanuel Nwafor and Barr. Chukwuemeka Eze, echoed these views and urged women to apply the seminar’s lessons to enhance business results and lessen financial strains on households.
Financial literacy is still a major problem in Nigeria.
Plans to extend financial Education to rural areas were also discussed at the conference, which included the installation of Princess Elemanya Ebilah as the Matron of WCCIMA-SALTCCIMA. Financial literacy is still a major problem in Nigeria, especially in rural regions. Just 35% of Nigerians are financially educated, and the percentage is considerably lower in rural regions, according to a 2020 research by Enhancing Financial Innovation & Access (EFInA). This emphasises how urgent financial education programs like the one hosted by the Ebonyi State-based Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA) are.
In order to close this gap, the seminar’s theme, “Financial Literacy: Building Confidence and Independence,” provided helpful guidance on investing, saving, and managing finances, particularly for women living in underprivileged areas. Several participants shared their excellent experiences from previous sessions, demonstrating the seminar’s tremendous impact on attendance. According to one woman’s testimony, Mrs. Nkechi Nwankwo, a local business owner, “I had trouble handling my company’s funds prior to participating in the financial literacy workshops. My business profits have increased significantly since I learnt how to budget and keep my personal expenses and business cash separate.
Fin management also plays a huge role in reducing poverty.
These testimonies highlight the transformative effects these programs have had on participants’ financial well-being, particularly for women. Important speakers at the event, such as Mrs. Ann Aligwe, the Commissioner for Human Capital Development, and Dr. Ngozi Obichukwu, the Aviation Commissioner of Ebonyi State, discussed the role that financial management plays in reducing poverty. While encouraging women to establish yearly budgets and differentiate between family and business spending, Dr. Obichukwu said, “Governor Francis Nwifuru is committed to human capacity development, and financial literacy is a crucial part of that agenda.”
Another important role was played by Dr. Stephen Odo, the Director-General of the Ebonyi Small and Medium Enterprises Development Agency. He outlined the initiatives the state is taking to help small businesses by providing training and funding. In the meantime, WCCIMA-SALTCCIMA State Representative Barr. Veronica Eze recognised that rural women lacked financial literacy, saying, “Many of our women in the hinterlands are not financially informed, and that is why we are expanding these programs to ensure they benefit too.”
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The commitment to advancing these initiatives was demonstrated by Princess Elemanya Ebilah’s installation as WCCIMA-SALTCCIMA’s Matron. In Ebonyi and beyond, it is hoped that as more women gain financial literacy, grassroots economic empowerment will increase, lowering poverty and building more resilient households. “In these times of high inflation, it’s no longer acceptable for women to be jobless,” said Dr. Emmanuel Nwafor, Director-General of SALTCCIMA, reinforcing the significance of these activities in light of Nigeria’s current economic situation. Women will be able to contribute to household finances and increase their economic independence with effective money management.