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FG to partner stockbrokers for double-digit growth of economy

The Federal Government has assured securities dealers that it would create an enabling environment for optimal utilization of the financial market to achieve double-digit growth of the economy.

Besides, the Federal Government has reiterated its resolve to put an end to insecurity which has significantly dampened both foreign and local investor interest in Nigeria.

Addressing participants at the just concluded National Workshop on: “ Leveraging the financial markets to achieve double-digit economic growth for Nigeria”, organised by the Chartered Institute of Stockbrokers (CIS) in Abuja at the weekend, President Muhammadu Buhari stated that his Administration shall work along with the regulators and operators of the Capital Market to address issues that would accelerate investment opportunities in the nation’s capital market.

In her presentation, the Minister of Finance, Budget and National Planning Zainab Ahmed noted that the Nigerian Capital Market had contributed immensely to the long term growth and development of the economy.

According to her, the Federal Government shall continue to enact laws that would further globalize the Nigerian Capital Market.

“ There is a lot of work to be done in building the Nigerian economy and achieving the pace that is needed to make double-digit growth a reality. I wish to pledge the government’s continuous support and partnership with the Nigerian Capital Market and the Chartered Institute of Stockbrokers as we continue the task of nation-building.

“ The Nigerian capital market has provided, over the years, access to significant long term development capital to the Federal Government and other tiers of government and private sectors.

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“ In an attempt to achieve a consistent economic growth, earlier in the life of this administration, the government developed the Economic Recovery and Growth Plan (ERGP) 2017 – 2020, a medium-term plan designed to foster growth and build a globally competitive economy through diversification of the economy, increased investment in infrastructure, digitalization of the economy, and improvement in the ease of doing business in the country.”, said Muazu.

Corroborating her, the Secretary to the government of the federation, Boss Mustapha who was represented by the Permanent Secretary, Economic and Political Affairs Office, Andrew Adejo, the government assured stockbrokers that the Federal Government would continue to improve on the security situation in Nigeria. He commended the Institute saying: “ the role of stockbrokers in wealth creation and ensuring that the capital market remained a sustainable platform for raising long term capital could not be overemphasised.”

Earlier in his welcome address, the Institute’s President, Olatunde Amolegbe appealed to all tiers of government to utilize the market to raise long term funds to finance the economy. Amolegbe noted that the Capital market was underutilized relative to its absorptive capacity.

“We obviously need to push for an annual average GDP growth rate of 10 per cent or more over the next 10-to-20-year period to achieve the potential inherent in our economy and to improve the standard of living of the people.

“That was the secret of China’s transformation from a developing country of Nigeria’s status to a developed one that is rivalling the USA in almost every facet of economic activity globally today,” said Amolegbe.

The Chairman, Organising Committee of the Workshop, Umaru Kwairanga said the rationale for the Workshop Theme was to sensitize the governments at all tiers to stage a come-back to the market to source medium and long term funds to build infrastructure, describing it as a win-win affair between for the governments and the market.

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