The Coordinator of the Progressive Shareholders Association of
Nigeria, Boniface Okezie, says investors will not put their money in
Nigeria because of insecurity.

Okezie, therefore, urged the new cabinet to embrace friendly-oriented policies.

Okezie said the newly-inaugurated ministers should make Nigeria an
investment destination by addressing insecurity, kidnapping and
herdsmen clashes.

“Investors cannot come and invest in a place that is not safe for them
to do their businesses whether foreigners or Nigerians,” he said.

Meanwhile, capital market operators on Thursday told News Agency of
Nigeria that there was the need for the new ministers to commence work
without delay to revive the nation’s economy to avoid another round of
recession.

Sola Oni, a chartered stockbroker and Chief Executive Officer, Sofunix
Investment and Communications, said the ministers needed to commence
work without wasting time to revitalize the economy.

“We run an economy where about 65 percent of our income is devoted to
servicing debt which hovers at 70 billion dollars.

“This is a killer situation and the state of infrastructure is still a
journey to be accomplished,” Oni said.

He noted that the attractive rate of fixed income securities was fast
crowding out investment in equities.

“Once investors continue to be apprehensive of macroeconomic
stability, the issue of medium and long term investment horizon
becomes unpopular.

“This is one of the major factors accounting for the continuous slide
in prices of shares on the Nigerian Stock Exchange,” Oni said.

He said the ministers of Finance and Trade and Investment, the Senate
and House of Representatives Capital Market Committees and the Central
Bank of Nigeria (CBN) needed to collaborate with capital market
stakeholders.

Oni said they should engage the capital market stakeholders to agree
on specific policy issues that would ensure economic recovery so as to
revive the capital market on the basis of short, medium and long-term.

“Morning shows the day. The engagement should not take a whole quarter
in preparation,” he said.

Malam Garba Kurfi, the Managing Director, APT Securities, and Funds
Ltd, called for more robust economic policies that would boost
investor confidence in the capital market.

Kurfi said that there was a need for fiscal policy that would support
monetary policy aimed at stabilizing the foreign exchange and lowering
inflation rate.

He also called for the privatization of GENCOs and DISCOs by the
Federal Government to make both companies more viable.

According to him, the government should embrace the capital market as
a source for infrastructure development.

Mr Moses Igbrude, Publicity Secretary, Independent Shareholders
Association of Nigeria (ISAN), said all the ministers should start
work immediately because things were in bad shape.

“Those saddled with the management of the economy should work closely
with the private sector to formulate policies that will help
businesses in order to create jobs and wealth for Nigerians.

“Government must and should harness the potential of the capital
market for economic growth and development.

“A private sector-driven economy is the best approach to a sustainable
and prosperous economy anywhere in the world,” Igbrude said.

He that the new Federal Executive Council (FEC) should also pursue
policies targeted at Ease of Doing Business, multiple foreign exchange
market, and multiple taxations.

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