The Federal Capital Territory Administration (FCTA) has commenced a mass sensitization on improving financial literacy among residents of the Federal Capital Territory, particularly those who are into Small and Medium Enterprises (SMEs).
The exercise, which is expected to last for about two months is aimed at enlightening the residents to hugely eradicate poverty.
The Abuja Enterprise Agency (AEA) that is the FCT’s vehicle for SME development and Poverty reduction is targeting over 150,000 households across the 8,000 square kilometers of Federal Capital Territory for the programme.
Speaking during the launch, the Ag. Managing Director/Chief ExecutiveOfficer (MD/CEO) Mr. Chudi Ugwuada-Ezirigwe, said the exercise is aimed at boosting efforts of the FCT Administration towards boosting economic activities.
like never before, into the Territory.
Ugwuada-Ezirigwe reiterated that “Low-income earners constitute the largest proportion of every nation’s population and, thus control a significant proportion of the economy’s activities.
The Managing Director said the programme is to provide access to financial information to this category most of whom are usually excluded from financial services which would unlock many possibilities in wealth creation.
He said the AEA is leveraging on the conducive business environment being provided by the FCT Minister for the growth and sustenance of Small and Medium Enterprises (SMEs) development as well as employment generation in the FCT, which will enhance the economic prosperity of residents.
His words: “You will agree with me that the FCTA at this time is showing signs of progressive movement in the right direction, because you can notice the massive infrastructural development going on in the FCT with respect to roads rehabilitation, roads reconstruction in the hinterland where hitherto there was no access.”
“This has made our job even easier, because at a time we were not able to access some communities in the Area Councils, because our vehicles were unable to cross some rivers and transverse the rocky roads that used to be at that time,” he added.
While introducing the forthcoming Abuja Business School of Entrepreneurship (ABSE), the MD/CEO highlighted some of the impressive milestones achieved by the Agency since the inception of the AFEC programme among, which included the provision of business and financial management guide to over 38,000 micro, small, and medium enterprises (MSMEs).
“The Agency has also facilitated access to financial services for unbanked and underbanked MSMEs, and assisted around 30,000 MSMEs in securing grants and loans through various government and private schemes,” he restated.
While
Speaking at the occasion, the Director-General, Securities and Exchange Commission ( SEC), Emo-motimi Agama, stated that the Commission recognizes that an informed population is essential to the growth of the financial system.
The DG, who was represented at the occasion by the Deputy Director, Market Development, Mrs. Ojone Kabir said the Commission and other stakeholders are working towards incorporating capital market studies into the curricula of basic, primary and secondary schools.
The SEC DG explained that by raising awareness and providing practical financial knowledge, “you are helping to create a more inclusive and equitable financial environment”.
