‘Tap Stock Market For Infrastructure Financing’

Stakeholders in the
Nigerian capital market have unanimously called on the federal government to tap into the enormous resources available in the capital market to finance critical infrastructure and ensure sustainable economic growth.
They made this known at a one-day dialogue tagged “The Capital Market and 2015 Federal Budget”.
The event was organised by the Chartered Institute of Stockbrokers (CIS), the Association of Stockbroking Houses of Nigeria (ASHON) and the Association of Issuing Houses of Nigeria (AIHM).
In his opening remark, the President of CIS, Mr. Albert Okumagba stressed that the time has come for the government to use the capital market to finance power, roads, railway and other areas where long term financing was required.
He said the stand of the forum was a clear statement of the readiness of CIS to engage critical stakeholders in the economy on how to make the capital market the centre piece of Nigeria’s development.
According to him, the CIS and other stakeholders in the capital market will continue to bring players in the economy together to brainstorm on how to mobilise savings for investment in critical infrastructure in the economy.
In his remark, the Acting Director General of the Securities and Exchange Commission (SEC), Mallam Mounir Gwazo said the SEC as part of efforts to sell the capital market will soon root out global investment strategies that will also strengthen the capital market.
Represented by Edward Okolo, he said the government would come out with strategies to deal with global headwinds and revenue short fall.
He stressed that the capital market should be the most important medium for government to fund critical infrastructure even as he said in time like this, the capital market has a huge role to play in funding government’s developmental plans.