Experts in the Foreign Exchange (Forex) market have lamented the low participation of Nigeria in the global market which yields a daily turnover of 7.2 trillion dollars.
A seasoned fund manager, Emmanuel Stanno, while speaking at the Hantec Global Financial conference in Lagos, called for mass enlightenment for Nigeria to reap bountifully from the proceeds.
He said although many people were scared of trading in the Forex market due to fraudulent activities of some players, stakeholders had taken up the challenge to educate the people.
“We are only trying in our own way to change people’s orientation, to let them know that Forex market is the real deal,” he said.
Stanno called for synergy between the government and Forex players to develop a template to educate the younger ones and reduce the tendencies of cybercrime.
Managing Director, Hantec Africa Ltd, Mike Fowope, said many Nigerians, especially the youths, were oblivious of the great potentials in the Forex market.
“We are trying to contribute our quota in eradicating poverty, empowering people on how to make money trading on the international currency market.
The online Forex trading is an offshoot of fin tech and at times financial inclusion, they are all interwoven.
“The company which has been running operations in Nigeria for the past 18 months is glad to note that Nigerians have been quite receptive as it currently has a client base of 13,000 people and hopes to have empowered at least 250,000 people in the next 10 years.”
an economy by increasing the manufacturing sector’s contribution to GDP to 20 per cent by 2025.