Experts in the finance and investment space have stressed that the current economic situation in Nigeria currently calls for Nigerians to be smart and invest in opportunities that exist in the finance space.
They say while investing in opportunities that guarantee a high Return on Investment (ROI), there is a need to speak to those who have knowledge in the space to avoid being involved in Ponzi schemes and other fraudulent schemes.
Speaking at a seminar on finance and money matters organised by God’s Kingdom Society (The Churchy of the Living God), Lagos Island Branch Lagos, Goodwill Iyamu, retired investment banker and a trader, Financial Market Dealers Association said there are basic principles that guide investment choices.
Iyamu said these principles depend on period and tenure; which implies how much a person has and how long the person is willing to invest the money such that he may not need to access it for some time.
He further explained that prospective investors would need to look out f0r the institutions that are credible to invest with.
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“It is good to have an attitude to save, even God encourages savings. No matter how small, just be consistent in savings. Also, people should make sure they are investing in the right platforms. People need to talk to experts and professionals to help reduce the risks in investments.
“What affects a lot of people is that they are looking at the interest they will get. If you have invested one million naira, no one will pay you interest of one million naira. Gambling isn’t a good attitude towards investment. There are a lot of fraudulent investment institutions out there. Understanding the basics, talking to experts are key to investing wisely,” he advised.
He listed types of Savings and investments available in the Nigerian financial market space to include piggy bank, savings account, fixed deposit account, Nigeria Treasury Bills (NTB), FGN bonds, shares or equity, investment funds, foreign exchange, insurance and pension fund contribution.
Also speaking at the seminar which focused on ‘Understanding Basic Money Matters, Finance & Investments,’ Rume Alvin Ophi, popularly known as the Crypto Preacher, Cryptocurrency is also a major investment platform globally, which he described as ‘trade by barter with technology.’
Ophi explained that for Crypto, the government is not a middle man, adding that the technology cuts away the middle man.
He acknowledged that there are some bad actors in the space but noted that there are some coins that are means of transactions.
“Crypto is digital cash. There are lots of opportunities in Bitcoin. You can be trading it on a daily basis and getting opportunities from the volatility of the market. Another part of it is that you can just buy these digital assets and hold it. For instance, in 2011, we bought bitcoin at two dollars. When compared to the exchange rate of N156 to a dollar then, to the exchange rate now, you find out that it has tripled. This is a lot of money for those who invested in bitcoin years ago,” he said.
Ophi also explained that there are opportunities in Crypto around content development and education, adding that people can teach about Crypto and earn good money.
“The US has about 46 million people dealing in cryptocurrency. This technology cannot be regulated. The opportunities are so much and now is the time t0o leverage these opportunities,” he said.
