Lagos First Lady advocates financial literacy for economic growth

The First Lady of Lagos State, Ibijoke Sanwo-Olu, has emphasised the importance of financial literacy in fostering economic growth and self-reliance among Lagosians. Speaking at the 2025 Financial Literacy Sensitisation Programme held at the First Lady’s Banquet Hall, Lagos House, Ikeja, she urged beneficiaries to apply the knowledge gained to improve their businesses and financial well-being.

Addressing participants at the event on Tuesday, she noted that financial education is a key tool for empowerment, stressing that sustainable economic progress is only possible when individuals are equipped with the skills to manage their resources effectively.

“As we conclude this year’s Financial Literacy Sensitisation Programme, I want to remind everyone here, particularly the beneficiaries, that the wisdom shared today reinforces the adage, ‘Give a man a fish, and you feed him for a day; teach a man to fish, and you feed him for a lifetime,’” she said.

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She explained that the initiative was designed to ensure that financial support and empowerment tools are backed by proper knowledge, enabling beneficiaries to maximise opportunities.

The programme featured presentations from financial institutions, including First City Monument Bank (FCMB) and Providus Bank, as well as contributions from government agencies such as the Ministry of Commerce, Trade and Investment and the Lagos State Employment Trust Fund (LSETF).

Mrs. Yinka Ogundimu, Divisional Head of Institutional Banking Group for Lagos and the Southwest at Providus Bank, educated attendees on financial literacy, stressing the importance of proper bookkeeping, responsible spending, and access to business financing.
Participants at the event expressed gratitude for the opportunity, describing the session as a transformative experience.
Yemi Olapade, Public Relations Officer of the Nigeria Automobile Technician Association, Lagos State, said the training had introduced them to financial independence and better money management.

“We have been doing business for years, but this is the first time we are receiving training on how to manage our finances. I have learned a lot today—how to apply for loans, how to do bookkeeping, and how to manage employees. We also urge the Lagos State Government to support our sector because the informal economy contributes significantly to the state’s GDP,” he said.

Another participant, Adesiji Abowaba, a mechanic and CNG conversion technician, described the programme as an eye-opener.

“I never thought I would achieve so much in a few hours. My understanding of bookkeeping has changed. Before now, I used to believe my business money was mine to spend as I wished, but today, I feel like a new person in financial management,” he said.

Dr. Sanwo-Olu reaffirmed her commitment to supporting Lagos residents through empowerment programmes that provide both financial resources and the knowledge needed to use them effectively.

“Since May 2019, my office has worked tirelessly to improve the standard of living of Lagosians, particularly those facing economic challenges. True empowerment goes beyond opening doors to opportunities; it involves guiding individuals on the right steps to thrive and achieve financial security,” she said.

She encouraged participants to apply their newly acquired knowledge and continue engaging with experts to build financially stable businesses.

“As you leave today, I urge you to put into practice what you have learned. Engage with our experts, ask further questions, and take charge of your financial future. Together, we can build a financially literate society where every Lagosian can thrive and contribute to our shared prosperity,” she said.