CBN links unemployment to lack of inclusive growth
Central Bank of Nigeria (CBN) Governor, Lamido Sanusi, has attributed the high unemloyment rate to lack of inclusive growth in the economy.
Speaking at the launch of Financial Literacy In Schools, otherwise known as School Outreach Programme, designed by the apex bank to inclucate in the students the culture of saving, Sanusi said that the duty of the bank is to stabilise the economy and provide an enabling environment for business development so that more people will be employed.
To generate employment, he said, the CBN and the Federal Ministry of Finance needed to come out with growth-enhancing activities.
According to him, if the government or the private sector embarks on project development, there will be a multiplier effect on the economy and in the process employment is generated, assuring that CBN would initial policies aimed at ensuring economic stability to ginger job creation for Nigerians.
Sanusi laid out four key principles which should serve as a guide to the students on issues involving money, enjoining the students to spend less money than they earn.
“Money is not an end in itself but you need money to do a lot of things” he said, adding that students should plan their expenses and ensure savings by spending less money than they get, besides paying themselves first.
By paying themselves first, it means saving a part of their incomes before spending it on other things.
“When you earn an income, the first thing you do is to pay yourself by setting aside at least 10 per cent as savings before using the remaining money to pay for other transactions. If your uncle or any other relations give you money, since the money is not expected, you should save it in a bank for it to yield interest after a period of time” he said.