- Stockbrokers to Brainstorm on National Economic Growth
Stockbrokers and other major stakeholders in the Nigerian economy will take a long view of the post-election period to chart ways for sustainable national growth and development.
At the 22nd annual conference of the Chartered Institute of Stockbrokers (CIS) scheduled for next week in Lagos, financiers and economic experts will dissect critical issues that must be addressed to attract both domestic and global investors to the Nigerian capital market and build a strong capital base for national growth.
Addressing capital market correspondents yesterday in Lagos, Chairman, Conference Committee of CIS, Mrs Lilian Olubi said this year’s conference was designed to address developmental issues that would move the market to the next level.
According to her, the growth of the Nigerian economy largely influences the growth within the capital market, thus key policies already designed by the government and associated authorities would be worthy of consideration.
“Nigeria and all stakeholders have cast focus to the 2019 general elections which is already fast approaching. The end of the election will either retain the incumbent who will be focused on improving his achievements in his first four years or produce a new government that may likely develop new framework to achieve his own ambition. Regardless of the outcome, it is apparent that focus would be on improving the Nigerian economy, thus we deem it fit to also channel discussions what the focus should be after 2019 elections,” Olubi said.
She added that regulatory approach to capital market architecture would also form a vital part of discussion at the conference noting that a digital economy has been a key driver of growth in major developments markets across the world.
“Digitization of activities and transactions has helped to boost market depth, investor participation and seamless operations. In Nigeria, FINTECHs are fast becoming a tool for pooling retail savings, executing similar technology to pool retail investments would help boost investor participation,” Olubi said.
First Vice President, Chartered Institute of Stockbrokers (CIS), Mr Olatunde Amolegbe said the annual conference has remained a major platform where capital market regulators, top-level government functionaries and members of the Organized Private Sectors discuss issues that affect the economy and the way forward.
He noted that leaders of shareholders’ associations are usually invited to the conference for their inputs as part of stakeholders in the capital market ecosystem
Commenting on low level of product development by stockbrokers, a member of the Conference Committee, Mr Akeem Oyewale said it was not for lack of ideas or unwillingness but due to regulatory issues such as taxation and its effects on finance business in Nigeria.
He noted that the annual conference allows capital market operators and regulators to continually explore ways to resolve issues and ways to development the market and the economy generally.
Registrar and Chief Executive Officer, Chartered Institute of Stockbrokers (CIS), Mr Adedeji Ajadi said the annual conference has been contributing to national policy making pointing out that many government’s policies had emanated from the previous conferences of the institute.
Ajadi cited the concepts and ideas of debt resolutions and forbearance that led to the creation of the Asset Management Corporation of Nigeria (AMCON) as part of the gains of the annual conference.