africa

Fed Govt to partner stakeholders to boost capital market


Taofik Salako

 

The Federal Government has committed to working with all relevant stakeholders to design and implement policies and rules that will enhance the competitiveness of the Nigerian capital market.

At the 2019 Conference of the Chartered Institute of Stockbrokers (CIS) in Lagos, public and private decision-makers agreed on the need to collaborate on the development of the Nigerian capital market as a linchpin for national economic development. The theme of the conference was “Boosting Capital Market Competitiveness in a Challenging Macro-Environment”.

Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, said the government was willing to partner with the stockbroking community in creating the necessary enabling environment that will further stimulate and boost competitiveness in the capital market.

According to him, government will appreciate policy proposals from the stockbroking community which could support and address Nigeria’s infrastructure challenges while government will incentivise and provide the enabling environment to support this objective.

“We declare our willingness to partner with the CIS in ensuring the necessary enabling environment that will further stimulate and boost competitiveness in the capital market as well as ensure a coordinated and integrated approach to Nigeria’s financial sector is attainable. The best way to improve competitiveness is through a mixture of policies designed to help, improve capital market competitiveness,” Adebayo said.

Vice Chairman, Senate Committee on Capital Market, Senator Binos Yaroe, charged the institute to come up with policy proposals that will enhance the competitiveness of the market.

According to him, the challenges the Nigerian capital market is facing cannot be overemphasised and the capital market as the barometer of any economy deserves to be given priority.

“In that regard, the National Assembly is ready to partner and support the institute to ensure that our market is more competitive,” Yaroe said.

Chairman, Capital Market and Institutions Committee, House of Representatives, Honourable Babangida Ibrahim, noted that the theme was timely as it addressed the need for effective policies that will drive the market forward.

He pointed out that sustaining investors’ confidence and the issue of unclaimed dividends remain major issues affecting the growth and development of the capital market, urging stockbrokers to develop policies that will affect the market and the economy positively.

“I want to assure this institute that the committee is ready to work with the CIS and already the National Assembly and House of Representatives in particular are aware of the major challenges facing the capital market in recent times. As a result of that, we have already started engaging with some of the key stakeholders including the Institute on the best way forward.  I would like to appeal to the institute to be unofficial advisers to the government and continue to monitor the activities of the government as regards policies affecting the market so as to ensure we move the capital market forward,” Ibrahim said.

Former Director General, Nigerian Stock Exchange (NSE), Prof Ndi Okereke-Onyiuke explained that to attract investments, the government needs to work with stockbrokers to enhance the development of the market as well as the economy.

“The Central Bank of Nigeria (CBN) is not in charge of investments, they are not wealth creators but they make policies only when there is money to spend. Rather, it is the stock market that creates wealth in any economy. Hence, the interaction between the government and market stakeholders is key to growing the economy at a faster rate,” Okereke-Onyiuke said.

President, Chartered Institute of Stockbrokers (CIS), Mr Dapo Adekoje, said the conference served as the climax of all multi dimensional advocacy efforts during the year.

“The theme of the conference was carefully selected to challenge our intellects in coming up with practical ideas that will trigger a quantum leap in the performance of the Nigerian economy,” Adekoje said.

 

 



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