Financial literacy expert, Dr Stella Ahunnanya,said the economic crisis in Nigeria can be averted if people have a savings culture.
A financial literacy expert, Dr Stella Ahunnanya, has charged Nigerians to embrace fiscal discipline in order to escape poverty.
She disclosed this at the annual end of the year program of the Mbutu Ngwa United Association, Lagos.
Since 2015, Nigeria has endured one of its worst economic slumps in a generation. Two recessions since 2016 – driven by a combination of the government’s economic policies, a collapse in oil prices, and the Covid-19 pandemic – have inflicted prolonged misery.
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Speaking with Platforms Africa on the sideline of the event, Ahunnanya said the economic crisis in Nigeria can be averted if people have a savings culture.
In her words, “To escape the vicious circle of poverty, one needs financial knowledge. So, I decided to do this for the financially trodden poor in Nigeria including market women that toil from morning till night and don’t know how to save money.
“The financial crisis in Nigeria will be addressed by people having knowledge of savings, not misbehaving and buying drinks for the boys meanwhile, your children’s school fees are not paid.
“If they were financially empowered, they will know they’re supposed to plan December in January.
“Look at the surge in crime during December. The eleventh hour prosperity. Why would people kill and maim in order to spend money in December?,” she said.
Speaking further, she said her passion for the country’s prosperity encouraged her to share her knowledge with others.
“While I was in the USA, I did a course by the National Financial Education Council on Financial Literacy. It’s as a result of that course that I decided to spread the knowledge to reduce financial illiteracy among the citizenry. I have a PhD and I specialize in financing of education.
I want to empower my people to know how to manage their money better and to be able to avoid behaviors that will make them waste money and embrace those that will help them save money.
Personal financial crisis can be avoided. Once people are contented, the society will become a contented one,” she added.
On his part, Simon Nwaemo, President of the Association said the lecture is important and could be a solution to the economic crisis.
“Looking at the crisis, it means there is no positivity for now.
The lecture was unique. It centres on the relationship between your lifestyle and your finance.
We’ve been shown how we can manage our finances which is input and manage our expenditure which is output. Without managing these two, you find out that one is tending towards poverty,” he said.
