FG Urged to Set up Proprietary Firms to Boost Forex Trading in Nigeria

The Federal Government has been urged to be innovative with youth focused schemes aimed at lifting Nigerians out of poverty.

According to Damilare Ogundare, the Chief Executive Officer, Habby Forex Academy, the federal government needs to create proprietary firms through the Central Bank of Nigeria (CBN) to support profitable forex traders to deepen the sector for job creation.

According to him, forex trading is getting enormous in Nigeria but Nigeria needs proprietary firms as most of the proprietary firms are foreign owned.

Ogundare who disclosed this recently in Lagos during the launch of the book titled: “Breaking The Economic Mist As A Nigeria Youth” said, “Government can help Nigerians by providing resources or proprietary firms to support any profitable trader in forex trading.

‘’The proprietary firms in the system at the moment are foreign firms; however, the government can support more local based proprietary firms to grow the sector,’’ he said.

According to him, the book is aimed at inspiring Nigerian youths with his personal story; how he started at nothing, and grew all the way to becoming a forex trader and CEO of an academy.

According to Ogundare, the book contains relevant guidelines to help the youths better their situation.

“Nowadays we have a lot of digital means where you can make money; you don’t have to do all these illegal means or fraudulent ways to make money. There are lots of opportunities listed in the book, which I believe is going to improve and empower the youth that go through the book,” he said.

He noted that the book is all about how Nigerian youth can get empowered to impact the youth population towards eradicating vices among the age bracket classified as youth, “the book benefits anybody into forex trading as it provides the fundamentals and strategies into forex trading and crypto currency.”

‘’Outsiders visualize Nigerians as a fraudulent country. This book is to inspire all the Nigerian youths with my story, my journey and how I started. It also addresses how young undergraduates can engage themselves into something profitable while schooling so that at the end of the day they can make progress for their future. Nowadays, there are digital ways you can make money without going into fraudulent activities,’’ he said.

Ogundare further advised young Nigerians who are interested in forex trading to obtain the knowledge first. Adding that, ’’you must go through the necessary stages to become a professional forex trade and never be in a hurry to make profits.’’

Toyin Folorunso and Tosin Adeshina in a panel discussion on ‘Thriving in Nigeria Economy’ said concerned stakeholders and policymakers can assist in the efforts to achieve the first of the Sustainable Development Goals (SDGs), to end poverty in Nigeria.

According to Adeshina, financial stability is the melting pot for both entrepreneurs and those working as salary earners (5-9 jobs).

They posited that sustainability in the entrepreneurs’ space demands that youth leverage on networking to create a network that will be their net worth. “The greatest power you have as a human being is the power to change your story; that is the standard, either as an entrepreneur or intrapreneur,” said Adeshina.