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SEC Tells Nigerian Youths There Is Money To Be Made From Capital Market As Crypto Market Continue To Struggle
Capital Market

SEC Tells Nigerian Youths There Is Money To Be Made From Capital Market As Crypto Market Continue To Struggle

by  Dave Ibemere 2 min read
  • The Securities and Exchange Commission (SEC) is encouraging young Nigerians to consider investing in capital markets
  • Despite a recent surge, the commission is concerned that many Nigerian youths are uninterested in stock investing
  • Meanwhile, the cryptocurrency market is yet to recover from its losses suffered toward the end of 2022

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The Securities and Exchange Commission, or SEC, has encouraged young Nigerians to engage in the capital market trading.

Lamido Yuguda, Director-General of the Securities and Exchange Commission, stated this at a meeting recently.

According to him, the market has a variety of items and finances that would appeal to Nigerian youths.

Bitcoin Stocks
Bitcoin still struggling Photo credit: Dreamweaver

Given the average age of 50 years, he noted that most young Nigerians were not interested in participating in the country's capital markets.

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Yuguda said:

"The average age of that account holder was above 50, which made us realize that young people were not engaging in this market, and when young people do not participate in any market, that market is going to fail.
"And nowadays, young people want to do things on their phones; if you have to fill out a stack of paperwork physically, they will not do it. We want to make investing in the stock market enjoyable."

Yuguda also pointed out that the commission has started to examine the entire process to see what is turning off young people.

He added:

"We have begun the process and have witnessed how technology businesses are bringing much-needed relief to the type of bureaucracy that occurs in the capital market."

Bitcoin lost More than 60% of Its value in 2022

Bitcoin investors had a difficult year in 2022, as their investments declined dramatically over the year

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Data shows that over 60 percent of bitcoin's value was wiped off with $2.1 trillion of dollars lost

It could be a tougher year for the market due to low confidence among the bitcoin community and outsiders

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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