The President and Chairman of the Governing Council of the Chartered Institute of Stockbrokers, Oluropo Dada, has stated that the country’s equity market has the potential to generate $500bn.
According to a release, he stated that during his inauguration as the 13th president and chairman of the council of the institute in Lagos, recently.
Dada emphasised his commitment to fostering inclusive participation among all stakeholders in the financial market, stating, “My vision is to build a Nigerian capital market where securities professionals receive the recognition and support they deserve.
“The economy must attain double-digit growth in gross domestic product. It is my conviction that the capital market alone can generate up to at least half of the envisaged $1tn.”
He aimed for an all-inclusive market with all stakeholders working as partners, adding, “My team and I will work assiduously towards upgrading capacity building in our community while ensuring a symbiotic relationship between securities dealers and all trading platforms in the country.”
Dada stressed the need to reduce Nigeria’s informal sector to achieve accelerated GDP growth.
He called for policies encouraging public limited liability companies to obtain listings and public quotations on SEC-registered securities exchanges.
“It is imperative that the size of the informal sector in Nigeria be substantially reduced if we are to attain the objectives of accelerated GDP growth. Appropriate policies should be crafted to encourage all public limited liability companies in Nigeria to obtain listings and public quotations on any of the SEC-registered securities exchanges in the country,” he asserted.
The CIS president expressed support for the ongoing banking sector recapitalisation programme and presented a 10-point recommendation to the government and capital market regulators to ensure seamless implementation of new capital injections.
“Our institute aligns with the ongoing recapitalisation programme in the banking sector. We have made a 10-point recommendation to the government and capital market regulators on how the new capital injection in the banking industry can be implemented seamlessly,” explained Dada.
Vice President Kashim Shettima urged the institute to partner with the Federal Government to transform the economy.
Also, the Governor of Ekiti State, Abiodun Oyebanji, praised Dada’s integrity and performance, assuring support for his administration.