My Colleagues,
Distinguished Members of the Financial Press ,
I am highly delighted to welcome you all to this important occasion that will set the tone for our National Workshop of the Chartered Institute of Stockbrokers (CIS) scheduled for on Tuesday, July 04, at NICON Hilton, Abuja.
This interface becomes imperative in view of the pivotal role of the press as our professional agent of information dissemination. Once we rob minds on the theme of the unique Workshop, we shall be rest assured that the investing and indeed the general public would be better informed through your professional reportage of the event.
As we all know, the capital market has been on a rebound in 2017, especially, from the end of the first quarter till now. Recent initiatives taken by the Central Bank of Nigeria to solve the problem of chronic scarcity of forex has boosted the economy and the capital market in particular.
The All Share Index has swung into positive territory after months of persistent declines and trading volumes have increased dramatically in the last couple of months. I would say the Nigerian Capital Market has done quite well in the last couple of months.
The macro economic instability impacted trading on the NSE very badly. The index and market capitalization were down by almost 5% while the uncertainty lasted and trading volumes halved from previous years. As you know, participation in our capital market has been slightly skewed in favour of foreign portfolio investors for most of the past decade and this category of investors refused to participate in the Nigerian Capital Market while the forex issues persisted. I believe the drastic dip in liquidity of the Nigerian Capital Market was partly due to the refusal of this category of investors to play in the market while the macro economic issues were prevalent.
Investor confidence is gradually returning as can be seen by the positive numbers in recent weeks. Our prayer is that the Government, the Central Bank of Nigeria and other regulators remain consistent in their resolve to tackle the issues that have held our economy and this great country's potential down in recent years. That will definitely boost investors confidence and further and guarantee stability
Our partners in progress, in view of the foregoing and the need to encourage the government to leverage on the capital market to finance this year's budget deficit, it has become imperative to create a platform for cross fertilization of ideas.
In pursuit of this noble goal, we have therefore decided to hold a strategic National Workshop with the theme : TRANSITING FROM RECESSION TO GLOBAL POWER : A WORKING TEMPLATE FOR NIGERIA. This theme is consistent with our collective belief that what has happened in the last year is an aberration.
Nigeria with its bountiful human and material resources and untapped opportunities should be on a consistent growth trajectory to taking its rightful place as a global power. Some mistakes were however made over the years especially in the last four decades that have consistently held back our potential.
Our belief as an institute is that with the right strategies in place and proper implementation, we can reset this country and fast track it to its rightful place in the comity of nations. We see the recession as a temporary blip and are confident that with the right template , we can attain our rightful status as a global power.
The theme will also elicit a viable working template that the managers of the economy can leverage on to drive growth in the country. We anticipate that speakers will come up with feasible and workable strategies for important organs of government and the private sector to implement in order to drive momentum in various sectors. This will benefit the economy, the citizenry and ultimately the capital market as the capital market is but a barometer of the economy.
There is no gain saying that when an economy is vibrant and growing, the capital market will mirror this. If otherwise, the market will equally reflect the situation. I must be quick to add that our market is forward looking.
The Director General of the Securities and Exchange Commission (SEC), Mounir Gwarzo would be speaking on the Capital Market Master plan and its contributions to National Development to be supported by our Capital Market Guru Mr Tola Mobolurin., Chairman, Capital Bancorp.
We have also scheduled a session to discuss how an enabling environment can be created for public listing of the economy's commanding heights such as the companies in the telecoms and upstream oil In order to ensure a robust Workshop, the President of The Nigerian Stock Exchange, Aigboje Aig Imoukhuede, the CEO, Oscar Onyeama, the CEO of FMDQ, Bola Onadele Koko, NBA President Mr A B Mahmoud, the DG DMO, the MD of MTN Nigeria will all participate. We are also expecting foremost businessman, Alhaji Aliko Dangote and the Governor of Edo State, Godwin Obaseki to be available to share their experiences with us.
We are hopeful that the Acting President, Professor Yemi Osibanjo will deliver the key note address, while the Minister of Finance, Mrs Kemi Adeosun and her counterpart on Budget, Trade and Investment will all attend the workshop. They will be accompanied by other notable personalities from the executive and legislative arms of the government.
The workshop will be practical and offer implementable strategies on a wide ranging variety of problems holding our economy back. It will therefore not be just another talk shop
One of the key issues that would engage the participants is how the Federal Government can put in place policies and mechanisms to make the capital market a viable option to fund the budget deficit.
Distinguished Gentlemen of the Press, I am happy to inform you that the proposed National Workshop shall produce a roadmap that would enable all stakeholders to play supportive role in the growth and development of our capital market for enhanced mobilization of funds from the surplus economic unit to deficit one.
Thank you for listening.
Dr Umaru Kwairanga FCS
Chairman CIS National Workshop
No comments:
Post a Comment