Binance: Experts Offer Advice To Nigerian Investors

 Economic and financial experts have advised Nigerians on some viable investment options to consider following the Federal Government (FG) clampdown on Binance, a major cryptocurrency trading company.

The experts identified the different investment options in separate interviews with the News Agency of Nigeria (NAN) in Ibadan on Tuesday.

A former banker, Mr Yomi Babalola, said the investment opportunities or options available to Nigerians outside Binance depend on the risk level and capacity of individuals.

Babalola, however, stated that the High-Interest Savings Account (HISA), a form of short-term investment option, was very important as it could serve as a reserve for liquidity purposes.

“What it means is that you want to have a certain form of investment that can be easily liquidated to cash, especially in case of emergencies.

“To use a high-interest savings account, you can make use of Fintech Savings Apps such as Piggyvest, and Cowrywise,” he said.

He also identified real estate as another investment option that could be considered.

“Land always appreciates – this is something realtors do talk about regularly and they are not lying.

“Real estate is a very profitable and solid form of investment you can delve into because as long as humans exist, there will always be a need for land banking.

“But I must be honest with you, unlike HISA and stocks, real estate is really capital intensive,” he said.

The ex-banker also mentioned personal business as another form of investment.

According to him, this is one option not many people look at when they want to invest their money.

“But I can tell you that it’s a great option to have in your asset portfolio, especially if you know what you’re doing.

“One of the benefits of investing in your business is that it gives you the option of good and steady cash flow.

“Having an investment that yields consistent cash flow is a great asset to have.

“This is because, depending on the business, it can begin to yield returns almost immediately you begin and it also has huge growth potential,” Babalola said in an advice to Nigerians following the clampdown on the cryptocurrency platform by the Federal Government.

Meanwhile, the Chairman of the Ibadan Shareholders Association, Mr Eric Akinduro, commended government’s efforts at stabilising the economy by clamping down on institutions supposedly hindering the economy from developing.

“To me, it is a welcome development as we have a lot of loopholes eating deep into our economy.

“However, inconsistency in policies is a major hindrance to the progress of this country,” he said.

Akinduro stated that the money market seemed better now, particularly the bond and treasury bonds, as they now pay higher interest than before.

“So, these can be considered.

“Nevertheless, we still have some potential in the capital market for companies that have good fundamentals – this can also be considered,” he said.

Given the government clampdown on Binance, a financial expert, Mr Tunji Adepeju, who said the present hardship was not peculiar to Nigeria, urged Nigerians to start farming in bags and plastic containers to boost food production.

He encouraged families to embrace backyard farming of vegetables, tubers, and fruits, especially since 51 per cent of monthly income goes into feeding according to the National Bureau of Statistics.

“Some people are already taking advantage of backyard farming and if everybody does, we will force down prices of food items made to keep increasing by some people because of greed and corruption,” Adepeju said. (NAN) 

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