Business a.m.
The federal government, in a statement of gratitude, recently commended the leadership of the Chartered Institute of Stockbrokers (CIS) for its advocacy efforts in turning the heads of investors towards the Nigerian capital market, while urging the institute to double down on its efforts and channel more resources towards engaging and attracting more youths to the capital market.
Kashima Shettima, the vice president of Nigeria, made the remark during the courtesy visit of the leadership of the institute, led by Oluropo Dada, its 13th president and chairman of the governing council. Other members of the CIS delegation included Fiona Ahimie, the first vice president; Josiah Akerewusi, registrar/chief executive; Oluwole Adeosun, Olatunde Amolegbe and Dapo Adejoke, past presidents of the council; and Council members.
Shettima explained that the institute’s role was critical to the development of the economy and the government would support its activities. He also called for restructuring of the capital market to attract youths.
The institute’s position in the economy is critical but has been grossly underutilised over the years, Shettima said.
He advised leaders in the Nigerian capital market to restructure the system with a view to deploying strategies that would attract more youths to leverage opportunities in the sector, adding that there is a need to think outside the box to get more people to participate in the stock market.
“You need to develop and put in place strategies to engage more youths to take advantage of the opportunities in the capital market. A vibrant stock market can lead to positive growth in the economy, hence the need for all stakeholders to develop a keen interest in happenings in the market,” said the vice president.
In his address, Dada stated that the institute was committed to the growth and development of the market, saying its members would continue to adhere to the highest standard of professionalism.
He explained that despite the challenges in the operating environment, the capital market had contributed immensely to the growth and development of the economy, and reiterated the need for the government to privatise the moribund public enterprises and secure them for listing on the securities exchanges.
“Despite its relatively low patronage, the Nigerian capital market has shown several glimpses of what it can do, in terms of contribution to economic growth and development in the country. A few significant examples are: Serving as a tool for the success of the Indigenisation Policy of 1972 -77; enabling the massive success of the Central Bank of Nigeria’s banking recapitalisation exercise of 2004; Sukuk financing of various infrastructural projects in the country, and several others.
“We wish to reiterate the position held worldwide, that privatising public enterprises through the capital market is the most effective way to democratise the exercise and make the process transparent. A well-developed capital market serves as the major tool for infrastructure financing and a successful Public-Private Partnership regime in the country. We call for frontal action to develop the Nigerian capital market, which in turn will accelerate GDP growth to meet the federal government’s target of $1trillion in GDP,” Dada said.
