STOCKBROKERS URGE FG TO UTILIZE CAPITAL MARKET FOR DOUBLE-DIGIT GROWTH

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STOCKBROKERS URGE FG TO UTILIZE CAPITAL MARKET FOR DOUBLE-DIGIT GROWTH
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In what amounted to agenda setting, stockbrokers have collectively demanded that the federal government should take advantage of investment opportunities in the capital market to mobilize funds to execute development projects.
Beside, they identified communication gap between the government and the market as one of the reasons for government’s inability to put the capital market on the front burner of Nigeria’s economic revival strategy, urging ito place the market on the same pedestal with money market without further delay.
In his welcome address at the interactive session between the Stockbrokers and federal government’s economic team in Lagos yesterday,.the President.and Chairman of Council,.Chartered Institute of Stockbrokers (CIS), Mr.Adedapo.Adekoje explained that the federal government needed to utilize the capital market to fund the 2019 fiscal budget with ease.
According to him, government’s investment through Savings Bond and similar asset classes could not fuly fimance infrastructural deficit,.hence, the urgent need to float Revenue Bonds in.addition to General.Purpose Bonds.
Adekoje reiterated the need to re-constitute the board of the Securities and Exchange Commision (SEC) and accord the Commission a status of independence like the Central Bank of Nigeria (CBN) in line with the global best practices.
The Representative of Vice President and Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah who assured stockbrokers of government’s willingness to partner with the market operators to ensure double- digit growth presented various efforts of the government to ensure sustainable growth of the economy. In his presentation titled “Re-Buiding An Economy”,  Enalamah explained the status report of the programmes such.as ease of doing business in Nigeria, industrial policy.and competitiveness, special economic zones, targeted sector policy reforms and trade agreements among others.

Responding to questions during an interactive session moderated by the Chairman, Capital Bancorp Plc, Mr Tola Mobolurin, Enalamah advised stockbrokers to make their specific needs known to the goverment, assuring them of prompt response.
Corroborating him, the Executive Secretary.and Chief Executive Officer, Nigeria Investment Promotion Commision (NIPC), Ms Yewande Sadiku explained the efforts being made by the Commision.to attract investors across the globe into Nigeria through an array of incentives. Sadiku advised stockbrokers to visit the website of NIPC regularly and make input on how to attract investors.
The imteractive session.generated heated discussions on how taxation is impacting negatively on stockbrokers’ operations and the way forward.
In his earlier presentation titled : ” Strategies To Achieve Double-Digit Growth For Nigeria: The Capital Market Option”, the Institute’s Past President, Mr.Mike Itegboje explained that developed economies leveraged on the capital market for economic growth.and development. He urged the government to borrow a leaf from countries such.as the United States of America and  China which deliberately place premium on utilization of their capital markets for developmental purposes.
” The U.S. capital markets are the bedrock of the nation’s economy and the deepest and most liquid in the world. That depth and efficiency is evidenced by the size of the gross domestic product, the strength of the US commercial sector, the level.of home.ownership, and the vast national infrastructure across the fifty states in comparison to the rest of the world”, said Itegboje.
Acting.Direcctor General, Securities and Exchange Commission ( SEC), Ms Mary Uduk advocated privatisation of moribund government enterprises by using the capital market as a platform. According to her,.this will not only ensure revival of the companies but deepen the market after listing. Uduk underscored the essence of the Commission’s Ten-Year Development Plan designed to make Nigeria’s.capital market competitive.
The interactive session which has been agreed upon to hold on regular basis attracted a cream of  market regulators, operators, analysts and the accredited press.
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