Financial Literacy for Young Adults in Nigeria
Aligned SDGs
- Financial Literacy for Young Adults in Nigeria
- General overview
- Intervention
- Location
- Last data update
- Spreadsheet of data
- Financial Literacy for Young Adults in Nigeria
- General overview
- Intervention
- Location
- Last data update
- Spreadsheet of data
General overview
Stage of development: Early stage
Policy sectors: Employment and private sector development / Education
Type of instrument: Technical Assistance and Market-building program (Must involve dedicated grant resources)
Delivery locations: Nigeria
Country classification: Lower-middle-income
Intervention
Social or environmental challenge
The most glaring issue is information asymmetry. Many young adults lack essential financial knowledge, hindering them from making informed decisions about their finances, careers, or potential entrepreneurial pursuits. This lack of understanding not only stifles their personal growth but also deprives the economy of an empowered workforce and entrepreneurial potential.
Furthermore, the inability to navigate financial intricacies can create barriers to entry for budding entrepreneurs. These barriers deter many from actualizing their business ideas, subsequently limiting economic dynamism and innovation. When young minds are deterred from entrepreneurial endeavours, the broader economy loses out on potential innovations.
Lastly, the ripple effect of individual financial mismanagement can lead to larger economic inefficiencies and further perpetuate income inequalities. Those equipped with financial skills can grow their wealth, while others remain stagnant, exacerbating socio-economic disparities. Addressing this literacy gap is essential for a more balanced and prosperous Nigeria.
Description of the intervention
Despite its abundant resources and talent, Nigeria trails behind many countries in terms of equality and social mobility, with the gap continuing to expand. This project targets this disparity by emphasizing financial literacy, especially for Nigeria's teeming young populace.
Our project is designed specifically for university undergraduates in Nigeria, offering them tailored financial literacy and mentorship. We integrate tried-and-true methodologies such as workshops with newer, tech-savvy approaches, including gamified experiences, bite-sized video lessons, and interactive quizzes. This multifaceted strategy ensures we align with the dynamic learning preferences of today's students. The curriculum spotlights entrepreneurship, personal financial planning, and investment strategies.
Targeting university undergraduates in Nigeria is imperative. At this formative stage, sound financial literacy not only enhances their job prospects but also amplifies their entrepreneurial potential. By grounding them in robust financial principles now, we are positioning them to seize opportunities, drive economic growth, and catalyze innovative ventures in Nigeria's dynamic landscape.
Location
Country:
- Nigeria
Locality:
- Nigeria
Last data update
Data for this pipeline project was last updated in August 2024
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Spreadsheet of data
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