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The Nigeria Deposit Insurance Corporation has urged youths in Ibadan to embrace the habit of saving, saying that for a nation to be prosperous, its citizens must learn to build legitimate wealth through savings and then advance to investment.

The Assistant Director, Communication and Corporate Affairs, NDIC, Mr Adegbenga Fagbuyi, made the remarks while addressing students of Lagelu Grammar School, Ibadan, during the 2026 Financial Literacy Day.

Delivering his speech on “Smart Money,” Fagbuyi highlighted the importance of having basic knowledge of the financial system, making sound financial decisions, understanding the benefits of saving in banks, setting financial goals, maintaining financial discipline, and avoiding Ponzi schemes that promise high returns.

Fagbuyi said youths are among the major targets of the government’s financial inclusion drive, adding that the Financial Literacy Day formed part of activities marking Global Money Week, adopted by the Bankers’ Committee in Nigeria as a platform for mentoring youths on savings and investment.

He said, “The government wants everybody to be participants in the financial sector. But how can you be a participant if you don’t know how to save? How can you be a participant if you cannot convert your savings into an investment? So, most importantly, youths are one of the major targets of the financial inclusion drive of the government.”

Fagbuyi described financial inclusion as bringing everybody into the financial safety net by encouraging participation in banking, insurance, pensions, and the capital market.

He stressed that the government does not want youths to become adults who lack knowledge of safe banking practices, insurance, and the capital market.

“Government does not want them to grow old, to become adults who do not know about savings, safe banking habits, insurance, and the capital market. That is why we go to schools to sensitise students to all these basic financial matters, particularly savings, so that our students can begin to learn to save, learn credible investment habits through which they can be making legitimate income.

“We also educate them about the deposit insurance system administered by NDIC. When you save in banks, the banks are supervised and regulated. And if eventually they fail, you will not lose your money. That is what NDIC does,” Fagbuyi said.

He revealed that the sensitisation programme, which started about 10 years ago and is organised by the Bankers’ Committee, comprising the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and all the deposit money banks in Nigeria, has been held across states nationwide.

He said, “Minimum, every year, we go to 10 states. And we normally sensitise 200 students in each school. So this year, that means we are targeting 2,000 students.”

Fagbuyi, however, said the objective of the programme is not to cover all schools across the country but to set a standard for state governments and schools to replicate.

“But I must emphasise that the objective is not to cover all schools. It is to set a standard for state governments and for schools to replicate. You agree with me that we cannot be everywhere.

“But as a partner, as a key stakeholder in the financial inclusion drive of the federal government, we go to states to showcase what the government’s intention, so that states and schools can replicate. So it is on this note that we always urge states’ Ministries of Education, Science and Technology to replicate and expand these programmes across their respective states.”

In his address, the Oyo State Commissioner for Education, Science and Technology, Olusegun Olayiwola, represented by the Permanent Secretary, Education Inspectorate, Ibadan North, Alhaji Lukuman Kareem, commended the NDIC for selecting a school in Ibadan for the financial literacy sensitisation programme.

He noted that such initiatives must go beyond the classroom to shape young minds, adding that children cannot achieve expected outcomes unless they are properly guided.

“That’s why we significantly appreciate the efforts of the Bankers’ Committee, NDIC, the Central Bank of Nigeria, and all other members for this,” he said.

The commissioner charged the students to take the lessons seriously, noting that opportunities lost may not be easily regained. He also advised the NDIC to expand the programme to include students from neighbouring schools in future editions to maximise its impact without additional transportation costs.

Additionally, Olayiwola urged teachers to cascade the training to other students, who should in turn enlighten their siblings at home.

The event was attended by the Permanent Secretary, Education Inspectorate, Ibadan Zone 1, Alhaji Kareem Lukuman, who also represented the Commissioner for Education, Science and Technology, Olusegun Olayiwola; the Assistant Director, NDIC, Mr Adegbenga Fagbuyi; the Principal (Senior School), Lagelu Grammar School, Ibadan, Mr Adeyanju Gbolagade; the Principal (Junior School), Lagelu Grammar School, Mr Adebayo Taiwo; as well as teachers and students of the school.