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United Kingdom’s CISI courts Nigeria members

The United Kingdom’s based Chartered Institute for Securities and Investment (CISI) has announced its preparedness to upscale the skills and competencies of its members in Nigeria to prepare them for global competitiveness.

The Institute had last week organised Breakfast Meeting where its members in Nigeria discussed the 2020 global economic outlook and its implications on Nigeria. The well attended free event, perhaps the first in the series, is expected to broaden the members& horizon on the changing dynamics in the global capital market and boost their Continuing Professional Development (CPD) metric.

Addressing the participants, the Country’s Representative of CISI, John Osuoha, who co-ordinated the programme explained that there would be series of such forum to equip the members with analytical tools for enhanced professionalism.

Osuoha, who expressed optimism at the attendance, urged members to take advantage of numerous certification courses offered by CISI to widen their professional practice.

Addressing the participants on the 2020 Global Economic Outlook, the Chief Executive Officer, Emerging Africa Group, Toyin Sanni stated that economic growth in Sub-Sahara Africa was under pressure and the key players such as Nigeria, South Africa, Kenya and Rwanda should manage their fiscal and monetary policy to stabilise the economy.

Sanni, who reviewed some global economies, including Nigeria advised that all projections be reviewed downward as a result of the on-going coronavirus which was not initially factored as a risk element but has become a subject of global concern.

“Countries should adjust their projections in the wake of coronavirus which was not factored as a risk element initially. For instance, China is a key driver for crude oil for Nigeria. Therefore, if China has challenges in crude oil, it will affect Nigeria. The Central Bank of Nigeria’s policy on Open Market Operations (OMO) has impacted positively on the stock market activities but our concern is the sustainability of the policy.

“How committed are the African Countries that have embraced the African Continental Free Trade Area (AfCFTA)? The Introduction of Eco as the single currency in West Africa can eliminate some challenges, but it will limit Nigeria’s ability to manage its fiscal and monetary policy effectively at the moment. This is why some of us believe that Nigeria needs to put some structures in place before embracing a single currency in West Africa

“Single-digit interest rate is good for the real sector and capital market. But we must appreciate that volatility is part of the market. We should encourage investment in both equities and fixed income securities. We must avert mismatch in our asset allocation.  The outlook for Foreign Portfolio Investors (FPI) in Nigeria is highly stable”, said Sanni.

The Nigerian Stock Exchange’s Chief Executive Officer, Oscar Onyema stated that the environment had been identified as one of the five major risk factors to the global economic outlook this year. According to him, the counties around the equator would be affected by the environment and Nigeria is one of them.

Commenting on the environmental hazard, Sanni explained that the introduction of Green Bond into Nigeria’s capital market was one of the proactive measures to address such challenges as a risk to the economic outlook.

Earlier in his welcome address, the President, COSI’s National Advisory Council in Nigeria, Bola Ajomale explained that the breakfast meeting was part of the means by which CISI enhances professionalism in the investment industry.

According to him, CISI’s Training Programmes are purpose-built to make them relevant to the market.  Ajomale advised the members to avail themselves the refresher courses to acquire latest techniques in the global securities market saying the Institute has over 45,000 members globally. Among the participants at the meeting was the Chartered Institute of Stockbrokers’ Registrar and Chief Executive, Adedeji Ajadi.

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