The federal government has been urged to ensure speedy implementation of measures aimed at reviving and further development of the nation’s economy.
The President of the Chartered Institute of Stockbrokers (CIS), Mr Oluwaseyi Abe, made the call yesterday at the 20th annual conference of stockbrokers in Lagos organised by CIS.
Abe, who expressed optimism in the potency of the government’s economic revival strategy, stated that growth should be equitable and inclusive for enhanced overall development of the economy.
According to him, the conference theme ‘’ Building New Pillars, Creating New Values for Sustainable Development,’’ was of particular importance, coming at a critical time when Nigeria’s economy is in a recession, with a threat of depression lurking around.
Abe said Nigerian economy is precariously supported by a single pillar with oil as the mainstay, accounting for 90 per cent of exports, 25 per cent of Gross Domestic Product (GDP) and 80 per cent of government revenue. He said as a result of this, when the global oil market shakes, our economy quakes.
Abe noted that drastic change in global oil price destabilised government projections and depleted our foreign reserves because the structure of the economy is monolithic and not shock-resistant.
He therefore, stressed the need to build more pillars for variegation and fortification of the economy.
The CIS boss commended the Central Bank of Nigeria (CBN) for the re-modeling of the floating foreign exchange rate.
“We commend the apex bank for the re-introduction and re-modeling of the floating single foreign exchange rate . It is a bold and positive initiative which is in accordance with the tenets of democratic capitalism, which highlights market driven systems, free participation within individual limitations and the ‘’invisible hand,” Abe said
In his remarks, Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema explained that the exchange had put in place many activities for enhanced sustainable growth.
He disclosed that the Premium Board Index was introduced to encourage listed companies to aspire to the highest standard of corporate governance.
“Despite current bearish trends, the NSE’s Premium Board index has grown 6.9 per cent year-to-date,, compared to the NSE’s All-Share Index (ASI) which is down 5.3 per cent. This reflects the appeal of this board to investors, and affirms that strong, transparent and sustainable listed companies are key to developing a resilient market,” Onyema said.