Nigeria- More youths access global financial market amid unemployment concerns

  • 28 June 2022 / News / 431 / Fares RAHAHLIA

Nigeria- More youths access global financial market amid unemployment concerns

·•It is job, wealth creating opportunity, says Infinox executives

In solidarity and shared learning, an increasing number of Nigerian youths from Lagos, Abuja, Port Harcourt to Uyo, are exploring opportunities in the global financial market to create wealth and reduce the scourge of poverty.

Contrary to the popular notion that those who play in the market, with foreign exchange (FX) as the focal point, take it as a ‘side hustle’, many players trade round the clock with many saying it is becoming a very lonely adventure as they barely have time for any other exercise.

Prices of underlying assets of contract for difference (CFD) – cryptocurrencies and FX inclusive – move in a split of a second. This, the traders said, places an enormous demand on their attention and time. Hence, they suggested that only those who are committed 100 per cent can trade profitably while there is limited space for passive players.

But on the bright side, a number of the youths, including young ladies, who spoke at an award forum in Lagos at the weekend, said they are making a profit even though the takeoff was tough for them.

A young Dele Adeleye, who started trading at 16 years, said he has not regretted his decision to embrace the market fully. At 20 years old, Adeleye now mentors and trains young traders.

A broker in the increasingly popular investment window and organiser of the Lagos forum, Infinox Capital, told The Guardian at the weekend that it has grown its subscriber base to over 12,000 within three years of its existence.

With three physical offices in Lagos and Abuja and a proposal in work to open more outlets in Port Harcourt, Uyo and other cities, the CFD broker is looking at expanding its reach aggressively in the coming years.

Global Head of Business Development, Infinox Capital, Tiago da Costa Cardoso, said the company hopes to open a physical office in every city in the country to reach more young people, who he said, have a rare opportunity to make legitimate income through the investment.

Apart from trading technology and access, Infinox allows subscribers to earn commissions through referrals. The platform also connects amateur traders with professionals for mentorship, while there is also a window for knowledge sharing.

Cardoso said most Nigerian youths connected to the platform do not desire any other paid job as they make sufficient money to live a fulfilled life. He added, however, that Infinox does not guarantee success but provides tools and necessary training to help users navigate the market.

“A lot of Nigerians do not know the factors that drive the Nigeria capital market. Sadly, the stockbrokers do not do sufficient training. But the global financial market is a different thing entirely,” he noted.

With over 40 employees and free training, Oyekeke said the firm brings enormous value to the table even as it looks forward to a long-term partnership with Nigeria as it continues to offer individuals an opportunity to trade in commodities, FX and financial derivatives.

source: The guardian