Business
THE Monitoring and Evaluation Manager at TA Community, a Non-governmental Organisation (NGO), Solomon Adomi, says financial literacy goes beyond ability to save money but includes proper financial record keeping.
He identified financial record-keeping, as a barrier preventing many informal businesses from accessing loans and other financial services.
He said this during an interview with News Agency of Nigeria (NAN) on the sidelines of SheBalance Financial Literacy and Excel Training for staff of Ministry of Youth Development on Monday in Abuja.
According to him, Nigeria’s informal sector contributes significantly to economic growth, adding that unfortunately many entrepreneurs were excluded from formal financial systems because they lack standardised business records.
“We want to build a system where people can acquire practical upcycling skills, connect to buyers, and receive financial literacy training that enables them to manage and grow sustainable businesses.
“Our goal is to bridge that gap by helping small business owners maintain proper financial records, and improving their chances of accessing business loans,” he said.
Adomi said that previous implementation of the SheBalance platform among market traders significantly improved financial record-keeping, with a large percentage of participants eventually accessing business financing.
Also speaking, Christabel Princewill Community Manager and Safeguarding Focal Person at TA Community, said the financial literacy emphasised budgeting, savings, financial planning, and proper tracking of income and expenses.
She explained that participants were encouraged to project how they intend to spend money before receiving it, describing budgeting as sending your money on an errand.
Princewill also stressed the importance of cultivating a savings culture, regardless of income level.
“It is not necessarily the amount you save that matters, but developing the habit of saving consistently. Savings provide a financial cushion during emergencies,” she said.
She further encouraged Nigerians to develop multiple streams of income while calling on the Federal Government to sustain programmes that equip citizens with practical skills capable of generating additional income.
The Head, Youth Migration and Climate Action Resilience Department at the ministry, Mr Oyekan Adedoyin, commended TA Community and its partners for bringing the initiative to the ministry.
He said the training was timely and relevant, noting that the practical Microsoft Excel sessions would improve staff efficiency in data analysis and workplace productivity.
“The training has enhanced our understanding of Excel and financial literacy.
“As civil servants, we must continue learning because the future of work demands continuous acquisition of practical skills,” he said.
He said ministry remained committed to encouraging continuous learning among staff in line with its broader goal of building a dynamic and highly skilled workforce.
Mr Tony Thomas, Director of Planning, Research and Statistics (PRS) of the ministry, explained that the training focused on helping participants understand income and expenditure patterns.
He said the training would prepare the staff from simple budgets, organised financial records, and help them make informed financial decisions. (NAN)
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