Economy: Stockbrokers advise FG, INEC, political parties on 2023 elections

Economy: Stockbrokers Advise FG, INEC, Political Parties On 2023 Elections

The Federal Government, the Independent National Electoral Commission and various political parties have been urged to eschew any act that may trigger violence in the 2023 elections campaign.

Mr Akeem Oyewale, the Chartered Institute of Stockbrokers (CIS) Chairman, Research and Technical, said this at the institute’s Annual National Economic Review and Outlook for 2022 webinar on Wednesday in Lagos.

Oyewale enjoined them to act with spirit of fairness and tolerance to avoid acts that may lead to violence in the run up to the 2023 elections.

Speaking on the topic: “Global dynamics shaping Nigeria’s economic future,” he said that the economy would be shaped by some key factors in 2022.

Oyewale listed the major factors as process leading to the 2023 general elections and the response to Omicron and the COVID-19 effects.

He also said the Federal Government should step up engagement with the Nigerian capital market to enhance the seamless financing of the 2022 budget deficit without over shooting borrowing.

Oyewale also enjoined the Central Bank of Nigeria (CBN) to give ample consideration to the effects on the capital market when making monetary and fiscal policies.

According to him, the philosophy of building a private sector-led economy as enshrined in the National Development Plan should be strictly adhered to.

On the need for new listings, Oyewale noted that the commercialisation of the NNPC should be followed up with the public listing of its shares in the stock market.

This, he said, would give Nigerians the opportunity of being a part-owner of one of the country’s commanding heights.

Oyewale added that the CBN and banks should grant trading facilities to securities dealing firms in the country to sustain the upbeat in the capital market.

Speaking further, he urged pension funds and other institutional investors to increase their investment in the equity market to create the much needed stability and galvanise further investments.

Earlier, Mr Olatunde Amolegbe, President/ Chairman of Council, CIS, said that the institute would continue to pursue initiatives that would enhance its growth and development in 2022.

Amolegbe said that CIS would pursue activities that would promote capital market literacy across the entire geo-political zones of the country.

He said that it would strengthen collaboration with international professional bodies such as CISI UK and others to the benefit of its members.

Amolegbe said that the institute was working to increase the number of Nigerian universities offering both post-graduate and bachelor’s degree courses in Securities and Investment/ Capital Market Studies.

“Our vision for 2022 is to see the Securities and Investment profession registered in the hearts of young Nigerian scholars as their career of choice and CIS as the model for other professional bodies to follow,” he said.

Amolegbe spoke on the topic: “2021 Performance scorecard and vision for 2022.” (NAN)

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