The President and Chairman of the Governing Council of the Chartered Institute of Stockbrokers, Oluropo Dada, has said that the country’s equity market has the potential to create $500 billion.
This disclosure was made by the Dada during his inauguration as the 13th president and chairman of the council of the institute in Lagos, recently, according to The Punch.
Dada emphasized his commitment to promoting inclusive participation among all stakeholders in the financial sector, saying, “My objective is to develop a Nigerian capital market in which securities professionals receive the accolades and support they deserve.
He said “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 emphasized the importance of reducing Nigeria’s informal sector in order to achieve faster economic growth.
He advocated for regulations that encourage public limited liability businesses to seek 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 current banking sector recapitalization initiative and made a 10-point suggestion to the government and capital market regulators to facilitate the smooth deployment 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,” Dada noted.
Meanwhile, 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.
