Financial experts and capital market operators have called for comprehensive review of economic architecture to re-integrate economic policies with the country’s growth agenda.
In a review of the economic performance since independence and the evolution of the capital market, the stakeholders noted that while the economy and capital market made commendable strides over the past six decades, institutional and policy gaps had undermined the country from attaining its full potential.
They called for policy re-alignments that re-direct the economic focus to unlocking the full potential of the Nigerian economy, with particular attention to the important role of the capital market, globally regarded as the mainstay of long-term, sustainable economic growth and development.
The Chief Executive Officer, Nigerian Stock Exchange, Oscar Onyema, said the exchange, which was also founded in the independence year, remained committed to its part in nation building by stimulating economic growth.
Also, the President, Chartered Institute of Stockbrokers, Mr. Olatunde Amolegbe, was optimistic about the economic outlook, noting that while gaps still existed in economic performance, there appeared to be light at the end of the tunnel as efforts were geared towards infrastructure development and growth.
He commended the evolution of the capital market over the past six decades, assuring of stakeholders’ support for development of a virile capital market.
“Incidentally, the Nigerian capital market as represented by the NSE is also 60 years and we can be proud of the progress we have made. Our market capitalisations have grown geometrically and the use of technology has revolutionised our processes and increased market efficiency. We have also transformed to a multi-asset market place, so there is cause to be grateful,” Amolegbe said.
He said the key to achieving sustained capital market growth and unlocking Nigeria’s vast economic potential is for government and the populace alike to invest more in developing the capital market.
The Vice Chairman and Chief Executive Officer, Capital Assets Limited, Mr. Ariyo Olushekun, bemoaned Nigeria’s decline over the past four decades, noting that while the country made commendable progress during the first two decades of independence, key parameters showed various levels of deterioration.
Citing the excellent state of infrastructure and public service in the past, he recalled that the economy had so much opportunity even for students then, and that several national institutions were global centre of excellence.
