30 April 2019

Nigeria: Government to Partner Stockbrokers for Growth of Stock Market

Minister of Trade and Investment, Dr. Okechukwu Enelamah, has restated the Federal Government's commitment to deepen collaboration with stockbrokers to grow the capital market.

Besides, he disclosed plans by the government to sign the new Companies and Allied Matter Act (CAMA) into law soon.

Enelamah, who spoke at the Nigerian Stock Exchange (NSE) in Lagos yesterday during a 'bell ringing ceremony,' said government was poised to providing enabling environment to boost domestic capital formation as well as encourage businesses to grow in a sustainable manner.

He stressed the need to explore opportunities for catalysing growth in the nation's economy through active collaboration between the private sector and the government.

According to him, the role of the private sector cannot be over-emphasised in the desire to create a robust economy capable of providing job opportunities for the people.

In the same vein, Senior Special Assistant to the President on Industry, Trade and Investment, Dr. Jumoke Oduwole, said the presidential enabling business council had been working in the last three years to make Nigeria a place to do business.

She also restated government's commitment to work with the Ministries, Departments and Agencies (MDAs), as well as state governments, to ensure the strategy and action plan outlined to achieve ease of doing business is realised for the growth of the economy.

Also, the doyen of the NSE, Rashidi Yusuf, urged government to leverage the enormous potential of the Nigerian capital market as a catalyst for sustainable economic growth and development.

He said government should provide incentives for broader participation in the stock market and deploy its policies to support the development of local institutional investors.

According to him, a more efficient capital market would have positive effects on corporate performance and the overall economy through reduced cost of operations, domestic access to infrastructure financing and positive effect on aggregate supply for improved liquidity.

Nigeria

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