By Chinenye Anuforo
In a strategic move to engage the Federal government on utilization of the Nigeria’s capital market for effective implementation of the Economic Recovery Growth Plan (ERGP) and 2017 budget, Association of Stockbroking Houses of Nigeria (ASHON) is holding a Capital Market Summit.
Besides, the professional body has concluded arrangements to grant awards for a few individuals for their sustained contributions to the growth and development of the capital market.
Addressing journalists on the Summit scheduled for Thursday, May 25, 2017, ASHON’S Chairman, Chief Patrick Ezeagu explained that it would create a platform to identify means by which the federal government can salvage the economy. Ezeagu noted that the theme for the Summit: The Road to Nigeria’s Economic Recovery- The Capital Market Route, “ was borne out of our desire to sensitize the Federal Government and other tiers of government as well as private sector players/investors on the critical roles the Capital Market can play towards the achievement of the objectives of the Economic Recovery and Growth Plan (ERGP) and successful implementation of the 2017 budget.”
According to him, Capital Market primarily helps to mobilize funds from the surplus economic units and channels them to the deficit ones.
“This underscores the fact that government’s budget deficit gap and critical infrastructure development can be financed through the instrumentality of the Capital Market.
“Indeed, the history of our Capital Market in Nigeria is robust with several times in the past when governments at various tiers took advantage of the market to raise funds to execute infrastructural projects,” Ezeagu said.
The topics for the Summit are: Financing Infrastructure and Industrialization: The Capital Market Way and Economic Recovery, Government Policies, Quick Wins and Head wins. These according to him would be addressed by former Governor of Anambra State, Dr Peter Obi and Chairman Association of Issuing Houses of Nigeria (AIHS), Mr. Sunny Ayere while panel members have been constituted to discuss the topics from different perspectives.
Responding to media enquires, ASHON’S Vice President, Mr. Akin Akeredolu-Ale explained that the relative stability in the forex market and good corporate earnings are part of the factors driving the stock market currently and they are sustainable.