Obaseki spoke at the 25th Annual Hybrid Investment Dealers Conference hosted by the Institute of Investment Dealers (CIS) in Lagos.
The Nigerian News Agency reports that the current two-day conference is themed: “The Capital Market as a Catalyst for Economic Development and Sustainable Growth”.
Obaseki cited the capital market as having a symbiotic relationship with the economy to serve as a key catalyst for governments at all levels to access capital for infrastructure development.
Speaking on the country’s infrastructure deficit, the governor stressed that Nigeria needs more than 357 trillion naira over the next five years to finance its development.
He said at least 70 percent of that funding would have to come from the private sector, meaning the capital market would be largely responsible for a large percentage of that.
Obaseki said that there is a link between the development of a country’s capital market and the economy, as evidenced by the percentage of market capitalization to gross domestic product (GDP) of developed economies around the world.
From left to right: 1st Vice-President, Chartered Institute of Stockbrokers (CIS), Mr. Oluwole Adeosun; Chairman, Mr. Olatunde Amolegbe; Chairman of the House Capital Market Committee, Honorable Babangida Ibrahim; 2nd Vice-President, CIS, Mr. Oluropo Dada and Registrar and CEO, Mr. Josiah Akerewusi at the 25th annual CIS conference in Lagos.
Commenting on the multiple exchange rates in the country, Obaseki cited continents like Europe, the United States and Asia as having free movement of capital and stable exchange rates.
He said that these had attracted more capital and development in their financial markets.
“In the United States, the market capitalization is 143 percent of GDP, Canada has 124 percent, Japan 92 percent, but the same can’t be said for Nigeria or most emerging countries.
“As you know, we need capital markets to attract long-term development and achieve fictitious development, and the capital market can help the government improve rapid development.
“The capital market contributes significantly to our own economic development, and therefore for Nigeria to be part of the league of countries with strong economies, it must have a well-developed capital market,” Obaseki said.
He noted that brokers belonged to this segment which had the capacity to mobilize and allocate medium and long term capital for the development of the country, and that the market was a catalyst for socio-economic development and sustainable growth. .
Obaseki called for an improvement in the ease of doing business to create more incentives for people to come and invest in the market.
He said there was a need to relax capital controls and promote exchange rate uniformity.
The Chairman of the House Capital Market Committee, Representative Babangida Ibrahim, said the theme was timely as it provided opportunities for brokers to find better ways to help the government revitalize the economy.
He said the CIS conference came at a time when parliament was embarking on legislative activities when passing the 2022 appropriations bill submitted to the Buhari National Assembly.
The chairman of the House committee urged brokers to use their professionalism in collaborating with the legislature in the process.
Osun Governor Mr. Gboyega Oyetola, represented for Fice, Mr. Bola Oyebamiji, said in his keynote address that the institute has played a vital role in revitalizing the economy.
In his welcoming remarks, the President / Chairman of the Board, Mr. Olatunde Amolegbe, said that activities such as national workshops and conferences were ultimately aimed at supporting the advocacy role of the institute.
According to Amolegbe, this year’s conference deepened the field of macroeconomics on how government, corporations and individual investors can exploit investment opportunities in the capital market.
He noted that the Institute was recognized as one of the first organizations in Nigeria to embrace technology as a new way of life and was the first professional body to conduct a full-fledged computerized examination regime.
The Chairman and CEO of the Nigerian Exchange Group (NGX), Mr. Oscar Onyema, said that there had been increasing discussions on the development of the capital market, which was crucial for economic growth and sustainability. .
reports that the institute inducted 321 new associates and 40 fellows during the conference.
CIS is also committed to continuing its advocacy to attract more participants to the Nigerian capital market. (www.)
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