NAN-HE-26
Economy
By Chinyere Joel-Nwokeoma
Lagos, Oct. 27, 2016 (NAN) Mr Oluwaseyi Abe, President, the Chartered Institute of Stockbrokers (CIS), on Thursday called on the Federal Government to ensure speedy implementation of new measures that would promote the development of small businesses.
Abe stated this at the 20th Annual Conference of Stockbrokers in Lagos.
The theme of the conference is “Building New Pillars, Creating New Values for Sustainable Development”.
Abe, who expressed optimism in the potency of the government’s economic revival strategy, said that growth should be equitable and inclusive for the overall development of the economy.
He said that the conference was coming at a critical time when Nigeria’s economy was in a recession, with the threat of a depression lurking around.
“We commend the apex bank for the re-introduction and re-modelling of the floating single foreign exchange rate.
“It is a bold and positive initiative, which is in accordance with the tenets of democratic capitalism.
“It highlights market driven systems, free participation within individual limitations and the invisible hand,’’ Abe said.
He also noted that deficit spending and dollar inflows were some of the short-term panaceas for the present predicament.
Abe explained that government must look beyond the short -term measures towards building a more sustainable economy.
He noted that this was evidenced in the rate of unemployment, currently at 13.3 per cent.
“We are not alarmed or confounded by the turn of events, because we know that Nigeria is a part of a globalised economy and markets, with changing perspectives, where the only constant is change.
“However, we believe that our economy should have been proactively structured and positioned to enable it shift balances and absorb shocks or hits when they occur, without having a severe and destabilising impact as we are currently experiencing,’’ Abe said.
Dr Biodun Adedipe, the Chief Executive Officer, B. Adedipe Associates, Lagos said that government must enact policies that would promote the development of small businesses.
Adedipe said that industries create the needed platform for growth and development of the economy.
“Industrialisation is where to go in this country if we want sustainable growth,” he stated.
Adedipe spoke on, “Towards an industrialised economy for sustainable growth: A case for Infant Industries.’’
He added that “the size of an economy is not important but what an economy produces.’’
Adedipe also urged the government to ensure a policy of deliberate patronage for goods produced in Nigeria.
“Nigeria should produce what they consume and consume what they produce.
“Choices and decisions determine sustainable growth to protect our industries,” he added.
Adedipe said that jobs would be created if production took place in Nigeria, rather than creating employment opportunities in other countries through the importation of foreign goods and services.
Mr Oscar Onyema, Chief Executive Officer, Nigerian Stock Exchange (NSE), said that the importance of a robust and sustainable domestic capital market could not be overstated.
He explained that access to long-term finance was critical to our economic recovery and the implementation of the Sustainable Development Goals (SDG) and other national and global agendas.
He stated that the theme – Building New Pillars, Creating New Values for Sustainable Development sits at the very heart of the NSE.
He noted that the exchange was strategically positioned to influence the adoption of globally recognised sustainability standards by Nigerian businesses.
Onyema said that the exchange would continue to make itself available to support Nigeria’s newly-privatised government entities, as they seek to access capital.
“We are also committed to financing low-cost, eco-friendly projects through green bonds and infrastructure bonds, amongst many other innovative products that support Nigeria’s socio-economic development.” (NAN)
JNC/JI/PIO
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Editing by Joseph Idika/Idonije Obakhedo