Stockbrokers caution FG, politicians against jeopardising economy

The Federal Government, the Independent National Electoral Commission (INEC), and politicians have been urged to eschew any act that may trigger violence in the 2023 elections campaign, thereby jeopardising economic growth.

The Chairman, Research and Technical, Chartered Institute of Stockbrokers (CIS), Akeem Oyewale, said this yesterday, during at the institute’s Annual National Economic Review and Outlook for 2022 webinar.

The News Agency of Nigeria (NAN), reports that Oyewale enjoined the political gladiators to act with spirit of fairness and tolerance to avoid acts that may lead to violence in the run up to the 2023 elections.

Speaking on, “Global dynamics shaping Nigeria’s economic future,” he noted that the economy would be shaped by some key factors ahead of the 2023 general elections and the response to Omicron and the COVID-19 effects.

He therefore charged the Federal Government to step up engagement with the Nigerian capital market to enhance seamless financing of the 2022 budget deficit without over-shooting borrowing.

Oyewale also enjoined the Central Bank of Nigeria (CBN), to give ample consideration to the effects on the capital market when making monetary and fiscal policies.

He added that the CBN and banks should grant trading facilities to securities dealing firms to sustain the upbeat in the capital market.

According to him, the philosophy of building a private sector-led economy as enshrined in the National Development Plan should be strictly adhered to.

On the need for new listing, Oyewale noted that the commercialisation of the NNPC should be followed up with the public listing of its shares in the stock market.

This, he said, would give Nigerians the opportunity of being part-owners of one of the country’s biggest establishments.

Speaking further, he urged pension funds and other institutional investors to increase their investment in the equity market to create the much-needed stability and galvanise further investments.

The Federal Government should step up engagement with the Nigerian capital market to enhance seamless financing of the 2022 budget deficit without over-shooting borrowing.

Growth and development

Earlier, President/Chairman of Council, CIS, Olatunde Amolegbe, said the Institute would continue to pursue initiatives that would enhance its growth and development in 2022.

Amolegbe, who spoke on, “2021 Performance scorecard and vision for 2022,” said the CIS would pursue activities that would promote capital market literacy across the entire geo-political zones of the country.

He also said the Institute would strengthen collaboration with international professional bodies such as CISI UK and others to the benefit of its members.

Amolegbe said that the Institute is working to increase the number of Nigerian universities offering both post-graduate and bachelor’s degree courses in Securities and Investment/Capital Market Studies.

“Our vision for 2022 is to see the Securities and Investment profession registered in the hearts of young Nigerian scholars as their career of choice and CIS as the model for other professional bodies to follow,” he said.

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