• Sunday, June 16, 2024
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FG urged to support proprietary firms in forex trading to tackle poverty

FG urged to support proprietary firms in forex trading to tackle poverty

With 90 million Nigerians living in extreme poverty, and about six people falling into poverty trap every minute according to the World data lap’s poverty clock, the Federal Government has been urged to be innovative with youth focused schemes aimed at lifting Nigerians out of poverty.

Accordingly, it was suggested that the FG should create proprietary firms through the Central Bank of Nigeria (CBN) to support profitable forex traders to deepen the sector for job creation.

“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 government can support more local based proprietary firms to grow the sector,” said Damilare Ogundare, CEO, HabbyForex Academy, at the launch of the book, “Breaking The Economic Mist As A Nigeria Youth” in Lagos.

The book authored by Ogundare aimed at inspiring Nigerian youth 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 youth better their situation.

Read also: TigerWit shares nuggets on forex trading

“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,” said Ogundare.

He states that the book, Breaking The Economic Mist As A Nigeria Youth, 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,” Ogundare said.

Speaking further on what influenced the title of the book, Ogundare said he wanted something that would be very straightforward; “if you see the book, you already know what is inside”. He posits that at the root of poverty lies the deprivation of people’s access to basic necessities such as food, healthcare and sanitation, education and assets. Hence the book is to bridge the education gap among the youth to profitable ventures that can empower them towards lifting out of poverty.

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 posit 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.