By Anthony Okafor
Stockbrokers under aegis of the Chartered Institute of Stockbrokers, CIS have called on the Federal Government to initiate policies and programme geared to drive double digit growth for the economy.
The Institute explained the need for government to take critical analysis of issues that can bring about market growth which is currently under pressure as foreign portfolio investors and their Nigeria’s counterparts are dumping shares as uncertainty of the impending general election is causing panic. The fear is further heightened by unguarded statements of many politicians.
The Institute’s President and Chairman of Governing Council, Mr Adedapo Adekoje underscored the need for the government to always consider the implications of every political and economic decision on the capital market.
To this effect, the stockbrokers in a decisive move to assist the Federal Government in charting the right path for accelerated economic growth and development, has concluded arrangements to rob minds with the Nigeria’s Vice President, Professor Yemi Osinbajo on Sunday, February 10 at Civic Centre, Victoria Island, Lagos.
The top level parley themed “Strategies To Achieve Double Digit Growth For Nigeria: The Capital Market Option’.
The Institute’s Registrar and Chief Executive, Mr Adedeji Ajadi noted that matters arising from the interactive session would enhance the government’s implementation of the 2019 fiscal budget.
Adekoje had upon assumption of office last year reiterated the essence of government’s cordial relationship with the capital market operators in order to build investor confidence.
According to him, there is a linear relationship between the growth and development of any economy and that of its capital market. Adekoje explained that the stock market had always been a barometer that mirrors the true position of the economy as the economy remains the underlying asset for the market.
The forum shall provide a veritable platform for some of the best minds in the financial market to dissect the current challenges facing the economy and propose concrete areas where government at all tiers can leverage investment opportunities in the capital market to mobilize medium and long term funds to finance the embattled economy.
The event is believed to be part of the outcome of a recent retreat by the Institute’s Governing Council on the way forward for Nigeria’s economy and the capital market. The Council has consistently asserted that stockbrokers should be involved in all spheres of economic issues as they play pivotal role in the financial market.
Over the years, market operators under the aegis of the Institute and Association of Stockbroking Houses of Nigeria (ASHON) had always issued communique on the relevance of the capital market to economic development after their annual conferences without response from the government.