The country’s equities market has the capacity to produce $500 billion, according to Oluropo Dada, President and Chairman of the Governing Council of the Chartered Institute of Stockbrokers.
In a press release, he said as recently as at his inauguration as the institute’s 13th president and chairman of the council in Lagos.
Dada reaffirmed his dedication to encouraging inclusive involvement from all parties involved in the financial sector, saying, “My goal is to create a Nigerian capital market where securities professionals are given the respect and assistance they are due.
“The gross domestic product must expand by double digits in the economy. I firmly believe that the capital market can produce at least half of the $1 trillion that is planned.
“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,” he continued, expressing his goal of an inclusive market in which all stakeholders would collaborate.
Dada emphasized that in order to get faster GDP development, Nigeria must minimize its informal sector.
Policies that incentivize public limited liability businesses to seek listings and public quotations on securities exchanges regulated with the SEC are what he asked for.
“If Nigeria is to achieve the goals of faster GDP development, the size of the informal sector must be significantly decreased. All public limited liability firms in Nigeria should be encouraged to apply for listings and public quotations on any of the SEC-registered securities exchanges in the nation, he said, by crafting appropriate policies.
In addition to expressing support for the current recapitalization program of the banking sector, the president of CIS offered the government and capital market regulators a 10-point plan to guarantee the smooth execution of fresh capital infusions.
“Our organization supports the current banking sector recapitalization effort. In order to ensure a smooth implementation of the new capital infusion in the banking sector, we have submitted a 10-point suggestion to the government and capital market regulators,” said Dada.
In order to change the economy, Vice President Kashim Shettima urged the institute to collaborate with the federal government.
Abiodun Oyebanji, the governor of Ekiti State, also affirmed support for Dada’s administration by praising his performance and ethics.
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