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Business News of Thursday, 7 October 2021

Source: www.vanguardngr.com

Stockbrokers to unfold new strategy for economic development

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As the Nigerian economy is in dire need of capital injection, stockbrokers are warning up to unfold new strategy that will enable the federal government source long term fund from the capital market.

The Federal Government’s budget deficit currently stands at N6.25 trillion. Despite mounting agitation from the private sector on the implications on the revenue, value of the Naira and inflation, the government has maintained its  borrowing spree.

Meanwhile, stockbrokers have consistently urged the government to take advantage of the capital market to raise medium and long term funds to build infrastructure.

In a statement by the Chartered Institute of Stockbrokers (CIS), the hybrid Conference with the Theme, “Capital Market as a Catalyst for Economic Development and Sustainable Growth”, will hold at Harbour Point 4, Victoria Island, Lagos from Thursday, October 28 to Friday, October 29, 2021.

The President, Mr Olatunde Amolegbe, in the statement, explained that the 25th annual conference would come up with techniques by which the federal government could finance infrastructure through mobilization of medium and long term funds from the capital market.

“We intend to hold discussions around optimizing some elements of capital markets to improve economic development and sustainable growth in Nigeria. The Conference shall undertake a

“Review of Petroleum Industry Act (PIA) and opportunity for the Capital Market”, “Micro, Small and Medium Enterprises (MSMEs) as an Engine of Growth for Economic Development”, “Crowdfunding: Its Regulations and Impacts” and“ FintechEvolution and the Capital Market.” among other topical issues.

“There will be panel discussion with speakers drawn from the capital market community, regulatory bodies, academia, media, sister agencies, and those in diaspora," says Amolegbe.

Corroborating him, the Institute’s Chairman, Programmes Committee, Mr Oluropo Dada noted that this year’s Conference would be historic, going by renewed interest of various professionals in the securities profession.

“We are set to host the biggest Stockbrokers’ event in the history of the Institute, given the unprecedented large number of the inductees and investees. The renewed interest of our members and students in our certifications is symbolizes that securities trading remains a profession of choice” Dada said.

Another Stockbroker and a co-chairman of the Conference Committee, Mrs Elile Olutimayin said in order to ensure a successful Conference, the Institute had been engaging the stakeholders in the financial market ecosystem, including government functionaries.

Participants will include, stockbrokers, fund managers, regulators, government representatives, investment bankers, and existing and potential investors.