The Association of Stockbroking Houses of Nigeria has said it will engage the Federal government on the utilisation of the Nigeria’s capital market for effective implementation of the Economic Recovery Growth Plan and the 2017 budget.
The association said it was looking at doing the engagement during its Capital Market Summit.
Addressing newsmen in Lagos, the ASHON’S Chairman, Chief Patrick Ezeagu, explained that the body would create a platform to identify means by which the Federal Government could salvage the economy.
Ezeagu noted that the theme for the summit, ‘The Road to Nigeria’s Economic Recovery – The Capital Market Route,’ was born out of the desire to sensitise the Federal Government and other tiers of government as well as private sector players/investors to the critical roles the capital market could play towards the achievement of the objectives of the ERGP and successful implementation of the 2017 budget.
According to him, the capital market primarily helps to mobilise funds from the surplus economic units and channels them to the deficit ones.
Ezeagu said, “This underscores the fact that government’s budget deficit gap and critical infrastructure development can be financed through the instrumentality of the capital market.
“Indeed, the history of our capital market in Nigeria is robust with several times in the past when government at various tiers took advantage of the market to raise funds to execute infrastructural projects.”
The topics for the summit, ‘Financing Infrastructure and Industrialisation: The Capital Market Way and Economic Recovery, Government Policies, Quick Wins and Head Wins, according to him, will be addressed by former Governor of Anambra State, Dr. Peter Obi and the Chairman, Association of Issuing Houses of Nigeria, Mr. Sunny Ayere, respectively, while panel members have been constituted to discuss the topics from different perspectives.
The Capital Market Submit is scheduled to hold in Lagos by March 25 this year, and ASHON said it has also concluded arrangements to grant awards for a few individuals for their sustained contributions to the growth and development of the capital market.
Responding to media enquires, ASHON’S Vice-President, Mr. Akin Akeredolu-Ale, explained that the relative stability in the foreign exchange market and good corporate earnings were part of the factors driving the stock market currently, saying they were sustainable.
Speaking on the profile of the participants, ASHON’s Public Relations Officer, Mrs. Ify Ejezie, stated that “the special guest of honour is our illustrious member, the Executive Governor of Edo State, Mr. Godwin Obaseki, who shall open the summit and receive award at the Gala Night Dinner for his contributions to the growth and development of the capital market in Nigeria.
“The roll-call of guests also scheduled for distinguished awards are: the Founder, Dangote Group, Alhaji Aliko Dangote; Founder, Honeywell Group, Oba Otudeko, and the Founder, Diamond Bank, Mr. Pascal Dozie, and some top-level government officials are expected to grace the occasion.”
The summit, according to her, is expected to come up with recommendations on how to turn around the economy and the capital market in particular.