Stakeholders in the Nigerian Capital Market have called on the Federal Government to make urgent reforms that will drive economic growth in Nigeria.
This was part of the major decisions taken at the maiden Bi-Annual Business Lunch of the Association of Issuing Houses of Nigeria in Lagos.
It was an opportunity for key operators in the capital market and by extension the financial market, to explore areas that could ignite faster-paced socio-economic growth and development.
President of the AIHN Mr Chuka Eseka described the forum as a platform to brainstorm and chart fresh pathways for market-driven government policies that will have positive impact on the market.
Eseka said the AIHN has set a four point agenda for the Federal Government to urgently address to get the Nigerian economy moving.
The Four point agenda and areas the AIHN wants the Federal Government to give priority attention include;
- Policy reforms that promote market economics
- Power sector reforms
- Liberalization of Oil and Gas sector and
- Private sector led infrastructure development
Giving her remarks at the event the Acting Director-General of the Securities and Exchange Commission of Nigeria (SEC), Ms Mary Uduk lauded the Association for the hosting of the Bi-Annual business lunch.
Speaking on the theme of the lunch “Capital Market Agenda for the Next Four Years”, Uduk said the Nigerian economy requires diversification and massive growth where the capital market is expected to play a critical role.
She believed the Nigerian capital market has a great role to play in the areas of growing its product offerings and increasing market participation.
According to her SEC Nigeria will work with market stakeholders to develop more capital market products around Green Bonds and Derivatives to deepen the market.
Uduk said the AIHN as a trade group could play an increasing role as a self-regulatory organization, SRO, in the area of compliance management framework.
The event featured a panel session that discussed “The Role of the Capital Market in Driving Nigeria’s Economy” with the following discussants Ms Pat Oniha DG Debt Management Office, Mr Bola Onadele MD/CEO of FMDQ OTC, Mr Chuka Eseka President of AIHN, Ms Yewande Sadiku Executive Secretary National Investment Promotion Council, NIPC, Mr Yusuf Adamu(Representing the DG of Bureau of Public Enterprises) and Dr Andrew Nevin, Chief Economist PWC Nigeria.
Ms Pat Oniha the Director-General of the Debt Management Office during her discussion stressed the need for the economic managers and policy makers to focus on ways of generating revenue, diversifying the economy and developing and expanding the nation’s infrastructure.
Looking at the Nigerian economy Dr Andrew Nevin emphasized the need for Nigeria to scale its growth to the level of 6-8%, in order to reduce poverty. He said unlocking the capital market, exploring the real estate market and decentralizing the federation will be critical for the nation’s development.
Mr Yusuf Adamu of the Bureau of Public Enterprises said in the area of liberalization of the oil and gas sector, the Petroleum Industry Bill deliberations at the National Assembly and pronouncement by the government, will be vital to contentious issues like the “Privatization of the Nigerian National Petroleum Corporation”.
In the challenging energy sector reforms in the country, Mr Adamu who represented the Director-General said the government should allow investors to operate a market-driven structure for the sector.
Mr Bola Onadele MD/CEO of FMDQ OTC speaking at the panel session said Nigeria needs an overriding philosophy for developing the debt capital market.
Executive Secretary of the NIPC Ms Yewande Sadiku believed key areas that the government should address include public sector reforms, ease of doing business and infrastructure.