LAGOS – Some financial experts have urged President Muhammadu Buhari to effectively use the Nigerian capital market as a platform for funding of the nation’s infrastructural development.
They told newsmen in separate interviews in Lagos that the subsisting national economic burden makes it imperative for the administration to fully tap the potential of bourse in execution of capital projects.
Mr. Emeka Madubuike, President, Association of Stockbroking Houses of Nigeria (ASHON), said that the new administration should ensure execution of capital projects through the capital market.
Madubuike said that government should also ensure the privatisation of more agencies to increase market depth and boost investor confidence.
“Capital market must be utilised in this administration and government should stop creation of wealth in the hands of few individuals,” he said.
He said that the capital market had not shown its potentials over the years due to under utilisation by the government.
Madubuike said that the power sector would have done well if it was properly privatised.
Mr Sehinde Adenagbe, the Managing Director, Standard Union Securities Ltd., said that government must pay more attention to the market for economic growth and development.
Adenagbe said that government “must play a major role in the market now that the economy is broke”.
He also called for the listing of multinational companies such as MTN, Shell, Airtel and Globacom, among others on the Nigerian Stock Exchange (NSE).
Adenagbe stated that government must address the issue of epileptic power supply in the country to reduce cost of doing business, ensure massive development and survival of the real sector.
“Power is very crucial and government should break the jinx of epileptic power supply,” he said.
He said that government should address the monopoly in the downstream sector by ensuring full deregulation of the industry to increase competition among operators.
Adenagbe said that corruption should be a thing of the past in the present administration, noting that, security challenges in the country needed to be addressed.
“Nobody wants to invest where there is no security and this must be addressed to boost investment,” he added.
Meanwhile, reports indicate that a turnover of 1.79 billion shares worth N22.12 billion traded in 17,337 deals last week.
This was against the 2.94 billion shares valued N16.05 billion exchanged in 21,306 deals in the preceding week.
The Financial Services Industry led the activity chart with 1.55 billion shares worth N8.89 billion traded in 10,394 deals.
The Services sector followed with a turnover of 84.14 million shares valued N120.58 million in 497 deals.
The third place was occupied by the Consumer Goods Industry with 76.87 million shares worth N9.36 billion achieved in 2,899 deals.
The NSE All-Share Index appreciated by 38.28 points or 0.11 per cent to close at 34,310.37 points against 34,272.09 points posted in the previous week.
Similarly, the market capitalisation rose by N15 billion to close at N11.659 trillion compared with N11.644 trillion achieved in the corresponding week.