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What's Driving Interest In Stock Trading In Nigeria?

Posted by Thandiubani on Thu 06th May, 2021 -

The ability to access information about the stock markets, financial markets, and economy has also made it easier for people to become financially literate.

Source: Pexels
You've probably heard people talking about forex trading, stock trading, CFD trading, and even cryptocurrency trading! The truth is that trading in financial markets is on the up and it's being facilitated by the technical age we live in. It's attracting more interest from across all areas of society, and from people of all ages and backgrounds.
But in which demographic are we seeing the most activity and how are these people getting involved?
Who's trading the most?
Trading was once something done by those in the financial sector. It was quite a niche and only attempted by those with significant knowledge or backing behind them. But that has changed in recent years. Today, the casual trading sector has gone from strength to strength, attracting more traders from all walks of life both in Nigeria and across Africa.
When it comes to demographics, those engaging in trading are predominantly in the 18-35 age group. They tend to be educated and interested in finance, the economy, and world events. They are also technologically minded and are happy browsing the internet on their mobile or another mobile device.
In addition to this, they are also likely to have an entrepreneurial spirit or be interested in innovative business ideas and solutions. Interest in these matters usually translates to an interest in investing and making money. Therefore, forms of trading and investments in financial markets are the perfect choice for many young investors.
What is driving growth?

Source: Pexels

There are several factors behind the increased growth in the trading sector. As mentioned before, smartphones are an integral driver. The number of smartphone users globally, and in Nigeria has increased significantly and become much more affordable. 
At the start of 2021, there were some 187.9 million mobile users in Nigeria, with many of them using smartphones. This, coupled with easier, cheaper access to the internet, means that trading can be done on the go and from almost anywhere. Right now, around 50% of the population has access to the internet, a figure that is growing year on year.
As a result of this, several new trading platforms with responsive and user-friendly trading interfaces have popped up. These platforms allow users to speculate or trade on CFD stock shares while on their mobile devices, thus being a lot more convenient than before.
The ability to access information about the stock markets, financial markets, and economy has also made it easier for people to become financially literate.
This in turn has led to many getting interested in trading in these markets, not just reading about them.
What does the future hold?
In the future, we will likely see more Nigerians taking to trading. This will include different forms of trading like CFD, stocks and bonds, forex, and even cryptocurrency. The power of the internet will lead to people looking for business opportunities online as well as ways to invest. 
Wider internet use, more accessibility to and use of smartphones, and other developments in technology will support this and we will witness a generation of financially smart, savvy, and active individuals who engage in the global markets.

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