The Nigerian economy can only be revitalized via the capital market (NCM) if only there is an efficient stimulus program as well as the rebirth of Companies and Allied Matters Act (CAMA)2020 in place.
This was disclosed by stockbrokers during their 24th Annual Stockbrokers Conference held in Lagos yesterday.
Speaking at the conference titled; “Navigating through the Storms – Re-energizing the Economy through the Capital Market”, the President, National Council at the Nigerian Stock Exchange (NSE), Abimbola Ogunbanjo, noted that the combination of climate change risks and the outbreak of the COVID-19 has left the world grappling with unprecedented challenges this year and added that the NSE remained resilient despite the pandemic.
Ogunbanjo attributed resilience of the market to domestic participation which increased its transactions to 62 per cent as at September 2020 compared to 50 per cent in September 2019.
“It is evident that recent monetary policy announcements resulting in low-interest-rate and negative real yield has accounted for search for positive yields in the equities market…”