At the 28th annual conference of the Chartered Institute of Stockbrokers in Ibadan, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, issued a clarion call to stockbrokers and other stakeholders in the capital market to fully leverage its capabilities to foster a prosperous and sustainable economic future. The theme of the conference, ‘Capital Market as a Catalyst for the $1tn Economy,’ aligns with Nigeria’s ambitious goal to grow its Gross Domestic Product (GDP) to one trillion dollars. Agama emphasized that the capital market serves as a crucial framework for not just capital accumulation but also for wealth creation, economic diversification, and robust infrastructure development. By effectively directing resources towards productive sectors, he argued that the capital market can spark industrial growth and technological advancements.
Agama pointed to the conference as a prime opportunity to identify barriers that hinder the capital market’s optimal operations, including regulatory hurdles, market liquidity challenges, and investor confidence issues. He underscored the importance of technological innovations, asserting that solutions such as fintech, blockchain technology, and digital assets are vital for improving market efficiency and transparency. In his view, the vision of reaching a $1 trillion economy hinges on collaborative efforts among all financial ecosystem stakeholders. By fostering partnerships among regulators, market operators, and policymakers, Agama believes that a more resilient and inclusive market can be created, driving sustainable economic growth.
Praise was also directed at the Chartered Institute of Stockbrokers for their ongoing commitment to promoting knowledge sharing and professional development within the industry. Agama recognizes the vital role that such conferences play in equipping market players with relevant skills and insights that are essential for progressing Nigeria’s economy. The choice of Oyo State as the host for the conference accentuates the region’s economic relevance and its historic cultural richness. The SEC DG highlighted that the planned factory visits during the conference would provide practical insights and deepen understanding among attendees as they observe the operations of leading local companies.
Further elaborating on the theme of the conference, the President of the CIS, Mr. Oluropo Dada, noted that it is a deliberate contribution to achieving Nigeria’s ambition of a $1 trillion economy. He emphasized the pivotal role that the capital market plays in mobilizing resources for both government and private enterprises at various levels. Dada explained that the market serves as a platform for individuals with innovative ideas to become entrepreneurs while assisting small businesses in scaling their operations into larger enterprises. This democratization of assets provides opportunities for wealth creation, allowing individuals, corporate entities, and governmental organizations to collectively benefit from financial ecosystems.
Dada expressed a firm belief in the necessity of exploring the capital market’s role in driving economic growth, particularly by looking at successful models in developed nations. He articulated that the moves towards achieving a trillion-dollar economy demand a thorough examination of how to harness the capital market effectively as a proven engine for development. In this context, he represented the sentiments of many stakeholders who believe that enhancing the capital market’s functionality can lead to substantial economic robustness.
The dialogue at the conference reflects a broader sentiment in Nigeria regarding the need to adopt innovative strategies that can enhance capital market performance. By leveraging technological advancements and fostering collaboration among stakeholders, the hope is to improve investor sentiment and drive liquidity. Agama’s and Dada’s calls for unity among regulators, capital market operators, and policymakers suggest a shared understanding that only through mutual support and collective action can the country hope to achieve its ambitious economic targets, ultimately positioning the Nigerian capital market as a cornerstone of national prosperity and sustainable growth.
