Temitayo Sanusi
Let’s start with the numbers; A 2018 survey found that about 45 percent of all adult Nigerians had plans to immigrate to another country to settle. By 2021, that number had risen to 73 percent
I shudder just thinking about what the numbers could look like at the end of this year.
Whether it is due to the poor economy, lack of job prospects, need for better security or all of the above, today’s reality is that the average Nigerian adult is either in the process of moving abroad or actively building their career and finances , which they can use as bargaining chips when they are ready to go elsewhere.
The lucrative demand for workers in booming industries such as finance, fintech, technology, engineering and healthcare services means that foreign governments such as the United Kingdom, United States of America, Canada and Germany have opened their borders to foreigners and Nigerians, particularly those who have developed a reputation for academic and professional excellence, have benefited greatly from it.
However, the sad reality is that not everyone who moves abroad does so with a job offer in hand. There are those who would have to start from scratch, a group that includes students, wives or husbands who had to move because their significant other got a job in another country, visa lottery winners and many others. In fact, it’s quite possible that those who relocate through a job offer will find soon after arrival that their income isn’t enough to pay their bills and may have to take on two or three other jobs to find the financial balance.
As a woman in fintech who has lived both in Nigeria and in the diaspora, I often meet this group of people and if there’s one question they almost always ask it’s this: how can Nigerians in the diaspora be passively sustainable build wealth?
My answer every time? Through online financial trading. For those who don’t know, trading financial markets essentially allows you to make money anywhere in the world by correctly predicting the direction of price movement of assets such as stocks, currencies (forex), gold, oil, wheat, and others speculate so many more.
There are no special requirements to become a Forex or Contract for Difference (CFD) or anyone, regardless of gender and geographic exclusions. You can access the markets with just a smart device and an internet connection. This skill/hobby can be learned in a matter of days or weeks, with many brokers in the country offering extensive educational resources and free webinars.
Additionally, most brokers do not charge more than $100 for the first trade, and these premium brokers allow even lower initial deposits to lower the barriers to entry for as many people as possible. Compare this to markets like real estate – which require high levels of capital commitment – and it’s evident that financial markets are more welcoming to most people, regardless of their tax bracket.
For a new or prospective relocator, this may be just the flexible opportunity you’ve been looking for while you settle into your new country. Even after a good job, trading is flexible and lucrative enough to serve as passive income. In a busy world where time is the most valuable currency, trading offers timing flexibility, allowing you to build your trades on your schedule.
It is true that many Nigerians shy away from online trading because it involves some degree of risk, but isn’t that all good things? Despite this risk factor that comes with trading, there are several ways to make the process fail-safe, which is why it is important to educate yourself.
Risk can also be enhanced or reduced by the type of broker you choose, which is why it is important when choosing a broker that you select one that offers excellent education, negative balance protection and an easy-to-understand platform.
Traditional work and the way we think about money and income are changing. Assuming you average 10 trades per day and make $50 each day, by the end of the month you would have made $1000. If you have a regular job, that’s an extra $12,000 in your pocket at the end of the year. Millions more people are trading online than ever before, and Nigerians make up a significant percentage of that number thanks to the rise of cryptocurrency trading.
According to the World Bank, poverty rates are currently over 40 percent, with bleak prospects for the coming years. Faced with such economic hardship, some people may travel with limited funds and need to support themselves with extra income. For this group, online trading is one of the most lucrative stopovers you can find until you’re fully on your feet. Beyond that, it remains a viable source of passive income, especially for people in a transitional phase.
Temitayo Sanusi is Director of Operations at Egmarkets, the first financial brokerage firm by Africans for Africans with 11 years of experience in the financial sector. With over 5 years in the fintech space, Sanusi’s solid operating strategies and fresh perspective into the fintech space have been instrumental in making the company a provider of disruptive, efficient and reliable online trading platforms. Prior to Egmarkets, Temitayo was part of Heritage Bank’s pioneering team and held the position of Security Services Operations. She has worked at Lagos State Public Works Corporation (LSPWC) and Zenith Bank where she began her career in the financial industry in operational management as a Customer Operations Executive. She plays a key role in lobbying for regulation of the industry in Nigeria by the Security and Exchange Commission (SEC).
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