The federal government has commended the leadership of Chartered Institute of Stockbrokers (CIS) on the Institute’s efforts at attracting investors into the capital market through its advocacy and urged it to attract more youths into the market.
The Vice President, Kashima Shettima made this call during the courtesy visit of CIS. Shettima explained that the Institute’s role was critical to the development of the economy and the government would support its activities.
Shettima also called for restructuring of the capital market to attract youths, saying “the Institute’s position in the economy is critical. It has been grossly underutilised over the years. Leaders in the Nigerian capital market should restructure the system with a view to deploying strategies that would attract more youths to leverage opportunities in the sector. 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.”
The president and chairman of CIS, Mr. Oluropo 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.
Dada explained that despite the challenges in the operating environment, the capital market had contributed immensely to the growth and development of the economy.
He reiterated the need for the government to privatise the moribund public enterprises and secure them for listing on the securities exchanges.
According to Dada, 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 to 1977; 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 $1 trillion in GDP.”
