SIR: The annual stockbrokers’ conference and inauguration of a new president of Chartered Institute of Stockbrokers (CIS) are two of the major activities of the institute. These high-profile events attract who’s who in the political and economic space, locally and internationally. The events provide major avenues to critique the current state of the economy and set a roadmap for the Federal Government on how to take advantage of the capital market to finance the economy.
The Institute 2022 Conference with a compelling theme: “Capital Market and Agricultural Development in Nigeria: Issues and the Way Forward’’ is a wakeup call to other state governments to align with the institute at this period of dire need to salvage the Nigerian economy.
Godwin Obaseki, Edo State governor, understands the widening gap between the Federal Government’s economic policy and utilisation of the capital market. He is uncomfortable with the ongoing use of Ways and Means to finance the economy by Central Bank of Nigeria (CBN).
He knows that relying on printing of currencies to finance the economy is the fastest means to nurture hyperinflation and reduce the value of the naira to a worthless paper. Nigeria’s debt servicing figure has become an albatross, yet the government is playing with theoretical ratios to defend the monster. This is causing a great damage to our economy.
Obaseki once lamented the implications of sharing money monthly in Abuja by all state governors at the expense of growing the economy through creative means. But he was a lone voice in the wilderness. His view was immediately debunked with untenable response from the Federal Government. I hope the Federal Government shall set a record by implementing the communique of the conference to the letters. This will be a quantum leap towards revamping the Nigerian fragile economy.
Stockbrokers are multidimensional professionals that have something in common – the need to ensure accelerated growth and development of the economy on sustainable basis.
They need this because securities markets are derivatives of the economy and this explains why the market is regarded as the barometer that gauges the mood of the economy.
As for Chartered Institute of Stockbrokers, there is no single political party for all its members for 2023 presidential election. It’s a game of international politics – No permanent enemy, no permanent friend but permanent interest. Stockbrokers have largely suffered untold hardship due to mismanagement of the economy. For 2023 presidential hopeful, stockbrokers are interested in a turnaround manager. At the minimum, stockbrokers prefer a president who has the will and capacity to reposition the economy. They need a leader, imbued with the skills, competencies and brand equity to excel and make history.
Sola Oni, an integrated communications strategist, chartered stockbroker and commodities broker, is the chief executive officer, Sofunix Investment and Communications.