NIGERIA: FINANCING SOLUTION FOR IMPROVED FINANCIAL LITERACY IN NIGERIA

This is a development finance impact project. The requirement for this project is to propose a financing solution that will increase private and/or public finance for development in a chosen country.

This digital artifact is a financing solution that will improve financial literacy in Nigeria.

Financial inclusion is widely considered as an enabler of economic growth and poverty reduction.

Nigeria has not been able to achieve significant expansion in financial inclusion due to low financial literacy. Though efforts are made to increase financial inclusion, the critical success factor, which is low financial literacy is not being addressed.

The proposed solution is Financial Education Open Learning Program (FEOLP). FEOLP will be a massive online learning platform that goes beyond delivering universal financial education content, to focus on the unique Nigerian financial environment.

FEOLP will be openly and freely available to any Nigerian who wants to be financially educated. This solution will help to increase financial literacy, increase financial inclusion, which in turn catalyzes economic growth and development, and most importantly, reduce poverty.

The target audience includes: The Nigerian government, International Development Assistance, Institutional investors, private philanthropies, private investors, and all Nigerian citizens.

The video below explains the problem of financial illiteracy, the opportunities, and why the Financial Education Open Learning Program (FEOLP) is important in Nigeria.