$1tn Economy: FG can Generate $500bn from Capital Market, Says Stockbrokers
Eromosele Abiodun
The President and Chairman of Governing Council of Chartered Institute of Stockbrokers (CIS), Mr Oluropo Dada has declared that the capital market is deep enough to fund Nigeria’s developmental needs stressing that the federal government can raise as much as $500 billion from the market.
He stated this after he was sworn-in as the 13th president of CIS at an investiture ceremony,at the weekend in Lago.
The event marked the commencement of Dada’s two-year tenure as the Institute’s President and send-off for Mr Oluwole Adeosun, the immediate past president.
In his acceptance speech, Dada assured that his administration would advance inclusive participation of all stakeholders in the financial market.
According to him, “My vision is to build a Nigerian capital market and in which securities professionals get the attention and patronage that they deserve. We want a market that is all-inclusive, with all stakeholders working as partners. My team and I will work assiduously towards upgrading capacity building in our community, while at the same time ensuring that there is a symbiotic relationship between securities dealers and all trading platforms in the country.
“The Federal Government of Nigeria (FGN) under the leadership of President Bola Ahmed Tinubu, has articulated the vision of attaining a $1trillion economy during its tenure. To do this, the economy must attain a double-digit growth in Gross Domestic Product (GDP). It is therefore my conviction that the capital market alone can generate up to at least half of the envisaged $1trillion.”
“It is therefore imperative that the size of the informal sector in Nigeria be substantially reduced, if we are to attain the objectives of accelerated GDP growth. Appropriate policies should be crafted to encourage all public limited liability companies in Nigeria to obtain listing and public quotation on any of the SEC-registered securities exchanges in the country. Our Institute aligns with the ongoing recapitalisation programme in the banking sector. We have made a 10-point recommendation to the Government and Capital Market Regulators on how the new capital injection in the banking industry can be implemented seamlessly,” he explained.
Speaking, the immediate past president, Mr Oluwole Adeosun, presented some of the major achievements during his tenure and commended Dada for his sterling contributions as the 1st Vice President during the period.
The Special Guest of Honour, and Nigeria’s Vice President, Kashim Shettima, urged the Institute to partner with the federal government in order to transform the economy.
Shettima, who was represented by his Special Adviser on Economic Matters, Dr Tope Fasua, He explained that the economy would experience significant growth once the country overcomes the ongoing reforms,
Governor Abiodun Oyebanji of Ekiti State, commended the Institute and assured it of support for Dada’s administration through partnership with the Institute for market development.
He showered encomiums on Dada as a man of integrity with track records of performance.
