Nigeria government to train 100k youths in forex trading

[Wiwo]

As the political atmosphere keeps changing as regards Nigeria's government stances as regards digital assets and forex trading, unlike what we used to see, where crypto trading and forex trading were initially banned by the sec, recent developments have shown a shift in regulatory outlook and a lot is happening to encourage digital skills and at such.

Recently the government came up with this initiative.


https://fmino.gov.ng/fg-signs-mou-to-train-100000-youths-annually-in-forex-trading.

[$weetne$$]

As the political atmosphere keeps changing as regards Nigeria's government stances as regards digital assets and forex trading, unlike what we used to see, where crypto trading and forex trading were initially banned by the sec, recent developments have shown a shift in regulatory outlook and a lot is happening to encourage digital skills and at such.

It is a good news that the government are no longer against the adoption of cryptocurrency but I do not think they were ever against forex because the government, banks and other institutions trades forex. I do not think this move by the government will make an impact in the economy because those selected are going to come from relatives and people that have connection to the governments, they are going to be the ones to benefit while the ordinary citizens gets nothing. The move is a positive one because it is going to create more awareness and understanding that the government have approved the adoption of newer ways of making money instead of waiting for jobs but I still think the money that they will use for this exercise should have been used for development of the economy.

[Hewlet]

Wow this is quite an interesting development considering government initial rejection and ban they placed n cryptocurrency. I hope that a lot of person can benefit from this even the uneducated ones who are still having doubts about digital skills

On the first hand, Forex is not crypto, Forex is foreign exchange and somehow, it's something the government has not openly stood against like they are standing against crypto. Banks still directly engage in Forex but we know that toll date, we can't make transaction in our mobile banking app while clearly stating that such transaction is crypto related and expect that we won't get the sanctioned.

Most of the training that are done by the government are usually half baked and that has always been the issue with those kind of training. It's always for the media frenzy with a lot of the beneficiary not really getting the long term benefit that's supposed to come with it. A lot of youths are already involved in Forex and you can't afford to just focus too much on it, while neglecting sole really sectors that will be really useful for the growth of the nation. It's always going to be applaudable to see the government executing project that are around youth development but more than just hearing such information, I'm hoping the way they will choose to go about it will be one that will yield reasonable result.

[Spaceman1000$]

As the political atmosphere keeps changing as regards Nigeria's government stances as regards digital assets and forex trading, unlike what we used to see, where crypto trading and forex trading were initially banned by the sec, recent developments have shown a shift in regulatory outlook and a lot is happening to encourage digital skills and at such.

Recently the government came up with this initiative.


https://fmino.gov.ng/fg-signs-mou-to-train-100000-youths-annually-in-forex-trading.

Am happy that the FG is coming with this kind of initiative, the Nigerian federal government that I know will hardly want to empower the youths, although I don't trust them to actually accomplish this empowerment, but I believe there are few person's that are going to benefit from it but it is going to be for privilege few who are well connected but still won't even go ahead to actualize what they've been taught, at best it will be another scheme to use and embezzle funds, because billions will be allocation for it. If you do a follow up, you will notice that the recruitment process will be far from what they are telling the public.

[Salahmu]

In as much as I feel this is not enough but at least I want to acknowledge them for beginning to think of a way forward to support people, although if not that this move is going to positively impact on the mentality on cryptocurrency in terms of deciding to reduce some unforseen policies they might introduce in future I would have said they should bring another way of empowerment instead of this because someone could do better if a technical skills is acquired as self employed just empowering them with the necessary equipment is enough than the trading to me because Nigeria might not be ready to fly them abroad to learn it well and if is done here then I don't believe such people might go far on the trading.

[Africolo]

Am happy that the FG is coming with this kind of initiative, the Nigerian federal government that I know will hardly want to empower the youths, although I don't trust them to actually accomplish this empowerment, but I believe there are few person's that are going to benefit from it but it is going to be for privilege few who are well connected but still won't even go ahead to actualize what they've been taught, at best it will be another scheme to use and embezzle funds, because billions will be allocation for it. If you do a follow up, you will notice that the recruitment process will be far from what they are telling the public.

The Nigeria government initiated this crucial initiative for citizens of the country? I'm just surprised and astonish at the same time because the government I'm acquainted with will never seems to amuse me. They've lay out so many good initiatives which they're yet to exert into actions, this government is busy with handling more things other than caring for anyone else. They're self center and will only do the things that will served as great importance to them and their families.

Well we shouldn't be too negative, atleast we should keep the positive energy running because there's more to achieve if we stick to the right disciplinary tools.

[Jostern]

As the political atmosphere keeps changing as regards Nigeria's government stances as regards digital assets and forex trading, unlike what we used to see, where crypto trading and forex trading were initially banned by the sec, recent developments have shown a shift in regulatory outlook and a lot is happening to encourage digital skills and at such.

Recently the government came up with this initiative.


https://fmino.gov.ng/fg-signs-mou-to-train-100000-youths-annually-in-forex-trading.

In as much as I want to commend them for this development, at the same time I’m also wondering why forex trading? Is that the only skill that our youths can be engaged in like is that even a skill set for a youth to thrive in because if you’re tought forex trading at some point you’ll need money to keep trading on forex so I’m really not convinced by this development and also what are the criteria for selecting the youths that will venture into this project because I know they will still have to share the numbers by themselves because you can hardly get anything in this country by merit. So I’m really not convinced about this so called development.

[Bluedrem]

In as much as I want to commend them for this development, at the same time I’m also wondering why forex trading? Is that the only skill that our youths can be engaged in like is that even a skill set for a youth to thrive in because if you’re tought forex trading at some point you’ll need money to keep trading on forex so I’m really not convinced by this development and also what are the criteria for selecting the youths that will venture into this project because I know they will still have to share the numbers by themselves because you can hardly get anything in this country by merit. So I’m really not convinced about this so called development.

You are right. In terms of skill development, people should first acquire skills where they can earn a good amount of money by investing their skills and abilities, excluding financial investments.
There is no dearth of poor people in Nigeria. If you want to make these poor people skilled in Forex trading first, you have to provide them with money first because trading requires money and they do not have this money. So first they should be given such skill-based training where they can earn money by investing financially.

[Juicyhome]

Nigerian government are just a confused one, you want to train youth in Forex trading while you banned cryptocurrencies in the country, in the security agencies see those in forex traders as fraudsters, i think for them to have an effecting training the government should lift he ban on crypto and orient the police on the status of a forex traders.

its a good initiative, if they are sincere with it, because they keep promising things they can't fulfil all the time, but if they're serious then it will lift many out of poverty. lets watch how it goes, Op keep updating us.

[promise444c5]

Nigerian government are just a confused one, you want to train youth in Forex trading while you banned cryptocurrencies in the country, in the security agencies see those in forex traders as fraudsters, i think for them to have an effecting training the government should lift he ban on crypto and orient the police on the status of a forex traders.

Foreign exchange trading (Forex trading ) is different form Crypto trading.. while they already lift the ban on crypto they still don’t allow fiat account having traces of crypto related trading(keep that in mind).
Indeed they are confused , not in what you mentioned but in part of setting priorities, it’s a good initiative but not really what should be placed as priority in digital space, we have other sectors like training the youths to equip them with strong skills to improve digital sectors like  strong cyber defenses, payment systems, e- government and so many more.. they can even look   into startups that could be beneficial to the country at large,  place them under radar for support and motivation…there are just tons of things that could be look into in the digital space other than Forex.

[iBaba]

Nigerian government are just a confused one, you want to train youth in Forex trading while you banned cryptocurrencies in the country, in the security agencies see those in forex traders as fraudsters, i think for them to have an effecting training the government should lift he ban on crypto and orient the police on the status of a forex traders.

Foreign exchange trading (Forex trading ) is different form Crypto trading.. while they already lift the ban on crypto they still don’t allow fiat account having traces of crypto related trading(keep that in mind).
Indeed they are confused , not in what you mentioned but in part of setting priorities, it’s a good initiative but not really what should be placed as priority in digital space, we have other sectors like training the youths to equip them with strong skills to improve digital sectors like  strong cyber defenses, payment systems, e- government and so many more.. they can even look   into startups that could be beneficial to the country at large,  place them under radar for support and motivation…there are just tons of things that could be look into in the digital space other than Forex.

Trust me when I say this is an effort from the side of the ministry and government to squander government resources because this proposition doesn't sound realistic but an avenue to justify the ministry spending. How do you declare your intention to train 100,000 young adults in forex trading when you have no records of trading even 1,000 of them. It sounds sweet and bold to have mentioned such a huge number but to be realistic to ourselves how many of these uncountable empowerment schemes have been lunched by the government and dies off after they taking fine fine photographs and huge money spent. This one now, you go soon hear breaking news.. federal government allocates 100 billion naira to the ministry to carry out this initiative, but with zero accountability or further information afterwards. Naija my country.