The ability to steer the wheel of complex financial system and make informed decisions about personal and professional resources is a crucial aspect of modern life. More so, in the affairs of state, at the heart of this ability lies financial literacy, which encompasses the acquisition of relevant skills and knowledge necessary to manage financial resources effectively. This includes understanding budgeting, savings, investing, and managing debt, as well as being able to mitigate financial risks and avoid debt traps. However, it is often misunderstood as being exclusive to the realm of finance and entrepreneurship, when in fact it is an essential life skill beyond professional boundaries.
In reality, financial literacy is as critical as every sensitive subject in human endeavour, but more closely intertwined with another critical discipline: business management, – the planning, organising, leading, and controlling of resources to achieve organisational goals and objectives. This speaks to various functional areas, such as human resources, marketing, operations, and finance.
While business management is often associated with corporate environments, its principles can be applied to various aspects of life, to thrive and even scale beyond naysaying limits; managing personal projects, leading community initiatives, or even strengthening career advancement. The intersection of the two can give birth to creative strategies and forward-thinking concepts, such as social entrepreneurship, impact investing, and sustainable business models.
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This is a subject of global interest. The Organization for Economic Cooperation and Development (OECD) recognises financial literacy as a key driver of economic growth, stability, and poverty reduction. In alliance, the World Economic Forum highlights the importance of business management in driving innovation, productivity, and competitiveness. Despite their significance, however, they are often neglected in formal education systems, leaving individuals to struggle with complex financial systems and business environments without adequate preparation. That isn’t ideal, and I think it should not continue.
I feel that the integration of financial literacy and business management can have a depth of consequences, notably in enabling individuals to create sustainable businesses, or drive economic growth, and promote financial inclusion. There has been no time when the global economy seizes to evolve, and the importance of these disciplines will only continue to grow, which underscores the need for comprehensive education and training programs that equip individuals with the skills and knowledge necessary to attend to complex financial systems and business environments.
Nothing stops us from arming ourselves with the vitality of entrepreneurship, innovation, and social responsibility, to unravel the fullness of financial literacy and business management, – this leads to the development of novel solutions to pressing global challenges.
I have proudly worked in the critical financial and business sector, and I can attest to the vast reserves of “gold” waiting to be mined in this field. With conviction born of experience, I strongly believe that the strategic application of financial literacy and business management principles it can yield huge results. The sector is ripe for exploration, and I am excited about the prospect of many more individuals discovering the riches that lie within. I am equally convinced that it is imperative for us to prioritise the development of these essential skills, empower individuals to make informed decisions, and drive sustainable growth.
I am delighted to know that the team at Beulah Adeoye Foundation has taken a significant step in this direction by featuring a discussion on financial literacy and business management in the next week edition of Amofin Beulah Adeoye Colloquium. The invitation of Mr. Adesola Ogundiran, FCA, Chairman of Beulah Adeoye Foundation, to speak on the subject is a masterstroke, he brings a wealth of expertise and experience to the conversation.
I eagerly anticipate the discussion, with a profound recognition that inspiring young people with financial literacy and business management skills is crucial for their future success, and one that I envision for Oyo State. We are willing to keep providing a platform for intentional conversations, guidance, mentorship, and support, to unlock the absolute capacity of the next generation, and arm them to cut through the red tapes of the global economy with confidence and competence.
The empowerment of young people in Oyo State presents not so much challenge. Yet, it is full of possibilities and promise. It is evident that this demographic is positioned for greatness, driven by a deep-seated desire to excel and make meaningful contributions to our world. I am more deeply invested in the growth and development of Oyo State’s youth, and I feel constantly heartened by the talents, creativity, and resilience displayed by young individuals from diverse fields and creative industries.
Beyond mere palliatives and monetary incentives, I am committed to supporting young people in Oyo State and identify that meaningful empowerment requires a sustainable approach. I am confident that our ongoing engagement will continue to yield fruitful outcomes to strengthen the young people for more opportunities.
Amofin Beulah Adeoye
Friday, January 24, 2025
