Stockbrokers task FG on diversification to revive economy

THE Federal Government has been urged to ensure speedy implementation of measures aimed at reviving and further development of the nation’s economy.

The President of the Chartered Institute of Stockbrokers (CIS), Mr Oluwaseyi Abe, made the call at the 20th annual conference of stockbrokers in Lagos organised by CIS.

Abe, who expressed optimism in the potency of the government’s economic revival strategy, stated that growth should be equitable and inclusive for enhanced overall development of the economy. According to him, the conference theme ‘Building New Pillars, Creating New Values for Sustainable Development,’’ was of particular importance, coming at a critical time when Nigeria’s economy is in a recession, with a threat of depression lurking around.

Abe said Nigerian economy is precariously supported by a single pillar with oil as the mainstay, accounting for 90 per cent of exports, 25 per cent of Gross Domestic Product (GDP) and 80 per cent of government revenue. He said as a result of this, when the global oil market shakes, our economy quakes.

Abe noted that drastic change in global oil price destabilized government projections and depleted our foreign reserves because the structure of the economy is monolithic and not shock-resistant.

He, therefore, stressed the need to build more pillars for variegation and fortification of the economy.

Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar Onyema, in his remarks noted  that the importance of a robust and sustainable domestic capital market cannot be overstated, adding that access to long-term finance is critical to our economic recovery and implementation of the Sustainable Development Goals (SDG) and other national and global agendas.

He said the theme of the conference was at the very heart of the NSE as the Exchange, being the intersection between issuers, investors, and regulators, was strategically positioned to influence the adoption of globally recognized sustainability standards by Nigerian businesses. “There is no question that these are challenging times for our nation, but it is also an opportune time to take a step back and re-strategize on how best to safeguard the future of our economy, and imbibe a culture of sustainability in all of our developmental planning,” he said.