Coronavirus: Stockbrokers seek economic turnaround

Stockbrokers in Nigeria have emphasized the need for government to urgently leverage the capital market for a turnaround in the economy and curtail the effect of the coronavirus, COVID-19 pandemic.

The President of the Chartered Institute of Stockbrokers, CIS, Olatunde Amolegbe, ahead of the institute’s 2020 Annual Conference said: “The Federal Government should access medium and long term fund from the market to finance budget deficit and build infrastructure among others.

Companies should also explore the market to shore up working capital, invest in Information and Communication Technology (ICT), enhance profitability and boost return on investment (ROI).” Corroborating him, the Institute’s Registrar and Chief Executive, Mr Adedeji Ajadi noted that Covid-19 pandemic had necessitated the need for comprehensive turnaround of Nigeria’s economy.

“We are sending a poser to the government: With the challenges of Covid-19, a looming recession and other economic issues in Nigeria, how do we turn our economy around? We are suggesting that, if well- explored, the capital market can be a major catalyst to drive the desired growth, and take us through the ‘storm”, says Ajadi.

The stockbrokers shall on Wednesday, November 4 and Thursday, November 5, 2020, converge for the Annual Conference of stockbrokers on both physical and virtual mode to articulate options for the nation’s economic revival with the theme: “Navigating through the Storms-Reenergizing the Economy through the Capital Market”.

The Conference, coming at a period when the Nigeria’s Vice President, Professor Yemi Osinbajo says that government is seeking alternative avenues for money, will attract indigenous and foreign finance and investment experts, top level government functionaries, capital market regulators, investors and other members of the capital market ecosystem.

“The significance of this year’s Theme, is better appreciated against the backdrop of the current situation whereby the Federal Government is in dire need of fund to finance the economy. The key messages to the government and companies in Nigeria are that of hope and renewal by taking advantage of opportunities to source long term fund through the capital market” said stockbrokers.