In order to educate Nigerians on how to engage in passive income earning so as to overcome the present economic hardship in the country, Intelligence Prime Capital held a one-day seminar at the University of Uyo, Akwa Ibom State.
Speaking at the event which came under the theme: ‘Forex without tears: making sustainable passive income even while you are sleep,’ Malachy Igwilo, senior manager, Intelligence Prime Capital, a Canadian company, affirmed that the programme was necessary to educate the participants on the need to have other legitimate sources of income without compromising what they do currently.
Explaining further, Igwilo said: “Indeed, this is a good way of thinking economically. You cannot just stick with one source of income in a growing economic system. All kinds of people including students, petty traders, businessmen, civil servants can all benefit from this opportunity for passive income.’’
Describing forex trading as an ancient engagement, he said: “As soon as humanity started using different paper money, from country to country, then the need for exchanging currencies arose. The first forex market was established roughly 500 years ago in Amsterdam in the Netherlands.
“This market became a place where you can source and get currencies of the world and exchange that for your own. When the gold standard was introduced, people thought it will end forex trading.”
According to him, forex trading is about exchanging one’s local currency for another currency, adding, “In this age of internet technology, forex is traded in large volumes over the internet and anyone can participate in the trading using intermediaries called brokers and it is a highly lucrative market with huge liquidity. As of today, the volume of money traded in the forex market is over 8 trillion dollars daily; so, daily, trillions of dollars exchange hands making many people rich.”
On how to participate, Igwilo explained that one needs to devote at least 2 years of daily learning about the intricacies of the market in order to be able to navigate it and make money out of it.
In his words: “But we are providing a great opportunity to earn from the market without you learning the technicalities and make lots of money from it as well.
“This is why we are providing a robot-based on artificial intelligence to help make people rich in the forex market passively that is without doing anything at all.”
Maintaining that his organisation hoped to reduce debilitating poverty in Nigeria and bring in lots of foreign exchange into the country through making more people trade the forex market profitably, he said: “We have to convince people that this is the new way of making money passively and when they take the opportunity, poverty will be a thing of the past among those who will take the opportunity.”
Delving into the current economic situation in the country, he observed that many people are joining the poverty line daily as the country’s economy keeps shrinking in real-time.
“Although it is said that the Nigerian economy is growing, in real terms, poverty is increasing. Just venture out of Lagos and other metropolis to see how dire the situation is.
“This is the central thing that has motivated us to provide this robot to the people to help solve this problem of poverty,” he said.
On the other hand, he attributed the country’s economic downturn to Nigeria’s lack of competitive edge in the global marketplace and added that the country produces nothing.
He said: “We have few things to export apart from crude oil and then we shoot ourselves in the foot by importing refined crude. This rubs off on other sectors of the economy. It affects the quality of the naira making things very hard for the people.”