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Can Financial Literacy Empower Women In Nigeria?

can financial literacy empower women in Nigeria?

Women empowerment in Nigeria is not a new thing. However, the power of financial literacy for women is underrated. Skills without financial literacy are almost like work done equal to zero as the need for understanding money is essential in making it grow. But what do we know, all the society and the government are interested in is giving women a skill set which is not bad. However, the need for financial literacy should not be ignored as it holds the power to make permanent economic changes. We will see how financial literacy alone can empower a Nigerian woman at any societal level. 

What is Financial Literacy?

In a straightforward definition, financial literacy is knowing the in and out of our finances. It should be the knowledge of the financial working of every aspect of our lives but most importantly our personal finance. Knowing the in and out of our financial resources doesn't stop at money alone but even knowing what assets are and what liabilities are. These include learning what to invest in and what not to. 

According to Investopedia Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. Financial literacy is the foundation of your relationship with money and is a lifelong learning journey. The earlier you start, the better off you will be because education is the key to success when it comes to money.

Ways to become financially literate on your own

  • Read books, magazines, and financial publications to educate yourself. Financial literacy comes through financial education and you can do that yourself. 
  • Use basic financial management tools Research tools that can help you manage your finances based on your needs. If you have a hard time tracking what you spend. Find a tool that can make it easy for you to track your expenditures.
  • Listen to money shows on tv, radio or podcast.
  • If you can afford it take a financial literacy course
  • Know what the government is saying about the financial situation in Nigeria. Be current in the financial activity of the country.
  • Change your consumer mentality and live a laid-back lifestyle. Figure out where your money issues are from and work on how to fix them.  

Benefits of Financial Literacy 

Being financially literate in Nigeria is priceless and we will see exactly what you stand to gain if you take it seriously as a woman.
  1. Being able to identify fraud is the number benefit of financial literacy in Nigeria. Make money quick schemes have been a profitable fraud in Nigeria for decades. To be financially educated means to be able to smell fraud miles away no matter what form or shape it takes.
  2. You will be able to eliminate debt and stay debt-free in Nigeria even when it seems impossible. 
  3. Setting financial goals and having financial values becomes a way of life for you and what that means is that you are on your way to financial freedom.
  4. When you are financially literate you are in control o your finances. Your income might be low but you will be a better spender. Channelling your resources the right way. 

What does it mean to Empower Women?

Women Empowerment can be defined as raising the level of women through education, awareness, literacy and training. However, empowering women in Nigeria is limited to skill acquisition and nothing more. 

According to Worlds Vision, Women’s empowerment can be defined as promoting women’s sense of self-worth, their ability to determine their own choices, and their right to influence social change for themselves and others.

It is closely aligned with female empowerment – a fundamental human right that’s also key to achieving a more peaceful, prosperous world.


Hence, to empower women means to give them the chance to change the world around them and be of influence. In a space where their voice will truly be heard. Not only that but they are giving the right skills to make it happen. 

Can Financial Literacy Empower women in Nigeria?

This is a big question which we must answer first before we can move to the how of the process, So again the question is, can financial literacy empower women? Yes. The answer is definitely yes. Financial literacy can empower women all over the world and it is most needed in Nigeria. 

How Financial Literacy will empower women

Looking at what financial literacy means, its benefits and how to go about it here are the ways financial literacy will empower women in ways we never thought of in Nigeria.
  • Economic Intimidation and economic oppression are common gender-based violence most Nigerian women face. In an economy that is not thriving well in general wealth creation opportunities are scarce and women are more at the disadvantage. Hence, empowering women with financial literacy is giving them tools to fight oppression and intimidation. 
  • Skill acquisition, even though helpful has turned out to not fight poverty for women over the years because it lacks financial education. So after a while, the same women who have been empowered with skills still become financially unstable because they weren't taught how money works. They start to run a business which seems successful and in the long-run return to where they started from. 
  • When investments are made in small businesses owned by women. There is an assurance that there will be growth because these women are financially educated. 

5 non-financial ways to empower women in Nigeria 

A few extra tips on how to empower women around you.
  1. Provide the ticket to a better life. Educate a girl child, send them to school. 
  2. support women and girls in crisis
  3. Be a mentor to a girl close to you 
  4. Help a new mother
  5. Tell your mum, sisters, daughters, nieces, and friends that you care all the time. 

Conclusion

To empower women with financial literacy in Nigeria is easy. It is not a day's job but it is achievable within a short period. Women need to fight the oppression around them and they can only do that if given the right tools. 

We can see that the benefits of financial literacy are good enough reasons for us to take it seriously. It won't be a bad idea to be included in school curriculums. As it will not only help women but everyone in Nigeria. However, we will not shift the focus from the fact that women are in need of it the most. 

Can financial literacy empower women in Nigeria? All about financial literacy and women empowerment


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