FG set to empower 100,000 youths annualy in forex trading

The Federal Government is set to train 100,000 young Nigerians each year in the field of foreign exchange (Forex) trading. The initiative is part of a broader effort to address youth unemployment and promote financial inclusion across the country.

In a statement released on Tuesday after signing a strategic Memorandum of Understanding (MoU) with Investonaire Academy in Abuja, the Director of Information and Public Relations at the Federal Ministry of Youth Development, Omolara Esan, stated that the move reflects the Bola Tinubu administration’s commitment to youth empowerment. 

The initiative is set to equip the Nigerian youth with practical skills in fields such as forex trading, risk management, and financial planning, which upskill them to navigate and thrive in the global financial marketplace.

While reacting to the program, International Programme Director at Investonaire Academy, Dr Enefola Odiba, International Programme Director, acknowledged the power of forex training to create job opportunities. He also mentioned that empowering youths with financial literacy and digital skills is a strategic solution to bridging socio-economic gaps facing many young Nigerians.

“Youths are the backbone of any nation. When empowered, they become catalysts for innovation and growth. This initiative is designed to bridge the gap and unlock the immense potential of our young people,” he said.

In addition, Dr Odiba described the forex training as an initiative that supports the Federal Government’s broader agenda of digital inclusion, economic diversification, and innovative skills acquisition.

Also Read: Examining 13 tech-oriented government agencies contribution to Tinubu’s strides.

Youth unemployment in Nigeria has been a significant issue, with many young people struggling to find jobs. The National Bureau of Statistics reported that the youth unemployment rate (ages 15-24) was 8.6 per cent in Q3 2023. This rate has fluctuated, reaching a high of 53.4 per cent in 2020, but has since decreased. 

Other factors like underemployment (12.3 per cent in Q3 2023) and the NEET rate (youth not in employment, education, or training, at 13.7 per cent in Q3 2023) were also attributed to the problem. 

Using forex trading to solve youth unemployment 

While speaking at the signing ceremony, the Minister of Youth Development, Ayodele Olawande, said that the forex training collaboration with Investonaire Academy is a major step forward in the Ministry’s mission to drive youth empowerment through capacity development, innovation, and access to transformative opportunities.

“This partnership reflects our strategic vision for sustainable youth development. Beyond trading, we’re teaching our youth to think critically, embrace digital skills, and seize global opportunities to build wealth and add value to the Nigerian economy,” the Minister said. 

Olawande further stressed that initiatives like this provide a credible route to financial independence and entrepreneurial resilience in times of economic fluctuations. He also praised Investonaire for its dedication to youth empowerment.

“This MoU is not just a formality, it is a commitment to action. We will ensure transparent, measurable outcomes that genuinely impact the lives of young Nigerians,” he added. 

The Ministry reaffirmed its commitment to ensuring that the forex training is rolled out with all forms of transparency, excellence, and tangible results, further positioning Nigeria’s youth as active players in the global field.

As part of the initiative to strengthen youth empowerment and the country’s digital economy, the Federal Government launched a free Artificial Intelligence (AI) Academy through the Ministry of Innovation, Science and Technology (FMIST) in December. 

The government noted that the sole aim of the project is to position Nigeria as a leader in the global digital economy. It also revealed that they plan to onboard Nigerians into the ambitious AI training initiative through the Commonwealth AI Academy, which is powered by Intel.

The Commonwealth Artificial Intelligence Consortium (CAIC) is part of a broader action plan that seeks to leverage the power of artificial intelligence (AI) tools to support member states, as well as empower the 1.5 billion young people under the age of 30 in the Commonwealth, of which Nigeria is a part.