By Chinwendu Obienyi
The Chartered Institute of Stockbrokers (CIS) has called on the Central Bank of Nigeria (CBN) to give consideration to stockbrokers on the capital market when making monetary and fiscal policy decisions to ensure nation’’s capital market experiences the much needed growth.
The CIS made this call during its annual National economic review and outlook for 2022 in Lagos on Wednesday. While speaking on the events that shaped the economy in 2021, Chief Executive Officer, Marble Limited and a fellow of the Institute, Akeem Oyewale, stated that the major issue that shook the economy was the case of accessing foreign exchange (FX) which shrunk international investment to reduce.
Oyewale noted that the performance of the equities market compared to 2020 was mild adding that the fixed income market experienced growth as it recorded N5 trillion worth of new issues, including corporate bonds issued by MTNN, BUA Cement and Dangote Cement.
Speaking on the outlook of the economy, Oyewale, stated that the nation’s economy will be shaped by the 2023 general elections and its response to Omicron and the COVID-19 effects as well as its 2022 budget.
He called on the Federal Government to improve tax revenues by enhancing tax and excise revenues, review the effectiveness of policies for tax waivers and concessions, increase customs revenue through technology and preserve the revenue derived from the oil and gas sector.
According to him, “New listings on our bourses are needed and the PFAs should participate across the value chains of equities, fixed income and commodities exchange.