Money Why Nigerians are skipping university to learn to trade


Forex trading has exploded in popularity throughout the African continent, and has become particularly relevant to young Nigerians who are seeking to take advantage of the opportunities for growth and profits on the global currency markets.

For many of these young Nigerians trading seems like a greater prospect for future growth than the attainment of a university education.

While this might seem like a troubling development there are reasons to believe the Forex trading presents real opportunities for young people to improve their prospects going forward. In this article, we take a closer look at why this might be the case.

Challenges to university education in Nigeria​

Nigeria's government education budget rarely exceeds 6 percent, a far cry from the worldwide benchmark set by the United Nations Educational Scientific and Cultural Organization (UNESCO), which recommends allocating 16 to 25 percent of a developing country's budget to education.

University campuses across Nigeria lack essential resources for teaching and studying in an enjoyable environment, including everything from adequate lecture halls and dormitories for faculty and students.

Added to this, some students in Nigeria's public colleges and universities, particularly those owned by the federal government and closed for nearly six months owing to the outbreak of COVID-19, may still be at home doing nothing because of continuous strikes and threats of strikes by various staff unions.

Easy access to trading education​

With ongoing barriers to entry from Nigeria’s tertiary sector coupled with an ongoing crisis in funding and delivery of resources, young Nigerians are finding it preferable to turn to the abundant supply of free online trading education instead.

The wide availability of free Forex instruction makes it easier for first-time traders to succeed.

Newbie traders may learn the ins and outs of trading from the comfort of their own homes thanks to instructional seminars, workshops, e-books, and training resources offered by many brokers and investment websites.

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Affordable access to trading from home​

Young Nigerians just hoping to enter the job market or gain a higher education were suddenly forced to work from home or find other sources of income as a result of the worldwide lockdown imposed in the wake of the Covid-19 outbreak and subsequent measures to stop its spread.

Throughout Nigeria, new forex traders signed up to trade on the established electronic trading platforms because of better phone service and increasing Internet access.

Trading presents opportunities for real growth​

Young Nigerians choosing to trade the Forex and other CFD markets, rather than gain a higher education, often see that the potential financial gains to be made from trading are more easily realisable than through the route of tertiary education.

As such, young Nigerians are using Forex trading as a means of creating real wealth or income, and to establish a basis from which to make future decisions in an actionable way.

A university education is an expensive investment, one for which many will often go into significant debt, and Forex trading may present a way to gain enough of an income to either fund their education at a later stage or to branch out into other business ventures.