Let’s start with the numbers: according to a 2018 survey, about 45 percent of all adult Nigerians planned to relocate to another nation to settle. By 2021, the percentage had risen to 73%. I’m afraid to think about what the figures will be like at the conclusion of the year.
There are a lot of reasons why Nigerians are moving to other countries, like a bad economy, no jobs, or a need for more security. They are also working on their careers and finances so that when they move, they have more power when they move somewhere else.
Foreign governments, including the United Kingdom, the United States of America, Canada, and Germany, have opened their borders to foreigners because of high-paying jobs in industries like finance, fintech, technology, engineering, and health care. Nigerians, especially those who have a good reputation for academic and professional excellence, have benefited.
However, the unfortunate reality is that not everyone who relocates to another country does so with a job offer in hand. Students, spouses or husbands who had to relocate because their better half acquired a job in another country, visa lottery winners, and many others are among those who would have to start from scratch. Indeed, it is likely that people who move because of a job offer will soon find that their salary isn’t enough to cover their expenses and will need to work two or three other jobs to be financially stable.
It’s a question I get a lot from this group of people:
“How can Nigerians living outside of Nigeria build long-term wealth without having to work?.”
What’s my response every time? Through financial trading over the internet, for those who don’t know, trading in financial markets allows you to make money from anywhere on the globe by accurately betting on the direction of the price movement of assets such as stocks, currencies (Forex), gold, oil, wheat, and many others.
Anyone, regardless of gender or geographical restrictions, can become a foreign exchange or contract for difference (CFD) trader. All you need is a smart device and an internet connection to access the marketplaces. Many brokers across the country offer free instructional resources and webinars to help people learn this skill or hobby in a few days or weeks. This makes this skill or hobby a lot easier to learn.
Furthermore, most brokerages need little more than $100 for the initial trade, and premium brokers accept even smaller first-time deposits to ensure that as many people as possible have access to the market. When compared to markets like real estate, which require a lot of money to start, the financial markets are clearly more welcoming to most people, no matter what their tax level is.
This may be the flexible chance you’ve been looking for as a new or aspiring resettler till you find your feet in your new nation. Trading is flexible and lucrative enough to act as a passive source of income even after securing a solid job. Trading allows you to build your deals around your schedule in a fast-paced world where time is the most valuable commodity.
Many Nigerians are hesitant to engage in internet trading because it entails some risk, but isn’t that true for all good things? Despite the risk of trading, there are ways to make the process less likely to go wrong, which is why it is important to learn about it.
If you choose the wrong kind of brokerage, you could be taking on more or less risk. That’s why it’s important to choose a broker that provides good education, negative balance protection, and an easy-to-use platform.
Traditional labor, as well as our perceptions of money and earnings, are evolving. If you make $50 on each of your 10 trades per day, you’ll have made $1000 at the end of the month. If you work a regular job, you’ll have an extra $12,000 at the end of the year. Millions more people are trading online than ever before, and thanks to the emergence of cryptocurrency trading, Nigerians make up a substantial portion of that number.
Poverty rates are currently over 40%, according to the World Bank, with bleak prospects for the next few years. Due to the aforementioned economic hardship, some people may be forced to travel on a shoestring budget and rely on supplemental income. For this group, internet trading is one of the most profitable stopgaps available until they can get back on their feet. Even so, it could still be a source of passive income, especially for people who are going through a change.