Binta Tijjani-Jibril, Director, International Institute of Islamic Banking and Finance, Bayero University Kano, says the alarming rate of financial exclusion among the youths is the major cause of poverty in Nigeria.
This is contained in a statement signed by Lamara Garba, Principal Assistant Registrar in the university and made available to newsmen in Kano on Tuesday.
According to the statement, the Director made the remark at a symposium organized by the institute in conjunction with Jaiz Bank to mark the 2018 Global Money Week.
She lamented that many Nigerians have a poor saving culture which negatively affects the economic buoyancy of the country.
“41.6 percent of adult Nigerians are financially excluded. Indeed this is part of the reasons why we are finding it very difficult to break away from the vicious grip of poverty”, she said.
According to her, the Global Money Week is a worldwide celebration that engages children in learning how money works.
The theme of this year’s celebration is Money Matters Matter and focuses on inculcating savings culture, creating livelihoods employment and entrepreneurship.
She pointed out that the Institute decided to give its contribution to the economic growth of the country through the creation of awareness on the need to imbibe the culture of savings and other financial engagements.
According to her, the future of Nigeria’s economic growth and development requires that children and youths have adequate and appropriate financial education, to effectively partake in economic activities instead of been mere onlookers.
She disclosed that organizing such symposium provide experts with a platform for empowering the next generation to be confident and responsible economic citizens.
“Therefore, the Global Money Week is about coming together of different stakeholders– parents, teachers, youth, organizations, financial institutions and the community – to take action to reshape our thinking about finance and give young people the tools that they need to shape their own future.”
In a related development, the Institute has held financial education and management forum for 250 students selected from secondary schools across the state.
It has also selected 150 women entrepreneurs and artisans for special training on entrepreneurship and skills development for self-reliance.