A growing number of Nigerian youngsters from Lagos, Abuja, Port Harcourt, and Uyo are investigating prospects in the international financial market to build wealth and combat the scourge of poverty in a spirit of cooperation and shared learning.
Contrary to popular belief, those who focus on foreign currency (FX) trading do not do it as a “side hustle.” Instead, many players trade continuously, and many of them complain that it has become an extremely isolating experience because they have so little time for other activities.
The prices of contract for difference (CFD) underlying assets, including those for cryptocurrencies and foreign exchange, change in a fraction of a second. The dealers claimed that this puts a tremendous demand on their time and attention. They therefore proposed that there is little room for passive players and that only those who are fully committed may trade profitably.
On the plus side, though, several of the youths—including young women—who spoke at an awards forum in Lagos over the weekend claimed that despite their difficult takeoff, they are now profitable.
Dele Adeleye, a young trader who began at age 16, claimed he has not looked back since making the decision to completely embrace the market. Adeleye, who is 20 years old, now coaches and instructs aspiring dealers.
Infinox Capital, the company that organized the Lagos forum and is an increasingly well-liked investment window, told The Guardian over the weekend that it has more than 12,000 subscribers and has been in business for three years.
The CFD broker is planning to aggressively increase its reach in the upcoming years. It already has three physical offices in Lagos and Abuja and a proposal to create more locations in Port Harcourt, Uyo, and other cities is under consideration.
Tiago da Costa Cardoso, the company’s global head of business development, stated that Infinox Capital hopes to establish physical offices in every city across the nation in order to reach more young people who, in his opinion, have a unique opportunity to earn legitimate income through the investment.
Infinox offers subscribers access to trading technologies and access, as well as the chance to profit from referrals. The website also provides a forum for knowledge exchange and links novice traders with experienced traders for mentoring.
According to Cardoso, the majority of Nigerian teenagers using the platform don’t want any other paid jobs because they already generate enough money to live happy lives. But he went on to say that while Infinox does not promise success, it does offer consumers the tools and instruction they need to successfully navigate the market.
Technology, flexibility, and fundamentals with strong benchmarks are some of the things that draw young Nigerians to the international financial market, according to Oluwaseun Oyeleke, Country Director of Infinox Capita Nigeria Limited.
“Many Nigerians are unaware of the elements that influence the Nigerian capital market. Sadly, stockbrokers don’t receive enough training. The global financial market, however, is something altogether different, he pointed out.
With more than 40 workers and free training, Oyekeke claimed the company adds great value to the table even as it anticipates a lasting engagement with Nigeria and keeps giving people the chance to trade in commodities, foreign exchange, and financial derivatives.