The Lagos Commodities and Futures Exchange (LCFE) has used 2021 World Investors Week (WIW) to encourage Nigerian youths to adopt a savings culture as a first step toward investing.
This is contained in a statement issued by the LCFE on Monday in Lagos and made available to the News Agency of Nigeria (NAN).
Mr Akin Akeredolu-Ale, Managing Director of the LCFE, stated that a lack of financial literacy among youths has allowed fraudsters to thrive.
Akeredolu-Ale urged them to develop the habit of saving in order to build a solid foundation as future investors.
He stated that commodities trading provided an opportunity for profitable investment for both individuals and corporations.
Akeredolu-Ale advised the students to seek investment advice from professional securities dealers in all of their transactions.
According to him, the LCFE will continue to promote financial literacy among youths in order to help them develop the habit of saving.
Akeredolu-Ale made the remarks while hosting students from Pan Atlantic University, Kings College, and Queens College, following the Securities and Exchange Commission’s (SEC) announcement to commemorate the WIW with a ‘Day of Ringing Bell’ in all Nigerian securities exchanges.
Mrs. Toyin Sanni, Chairman of the Technical Committee on Financial Literacy in the Nigerian Capital Market, backed him up by emphasizing the importance of an investor understanding his personal risk profile in order to mitigate risk.
The Head of the Lagos Zonal Office of the Securities and Exchange Commission, Mr Stephen Falomo, who represented the Commission’s Director-General, Mr Lamido Yuguda, stated that the International Organization of Securities Commissions (IOSCO) established World Investors Week to promote investor education and protection.
According to Yuguda, the commission’s overall goal is to ensure a fair and orderly market.
He stated that many measures, including the Investor Protection Fund (IPF), had been put in place to protect investors.
Mr Josiah Akerewusi, Registrar of the Chartered Institute of Stockbrokers (CIS), stated that the CIS was the only authorized institution that certified stockbrokers.
Akerewusi advised students to take advantage of the institute’s diploma, program, specialized, or omnibus window to become securities market professionals.
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