Former Secretary General of Commonwealth, Chief Emeka Anyaoku, has urged the Federal Government to utilise the Nigeria’s capital market to develop the economy.
Besides, Chief Anyaoku applauded the recent move by the Central Bank of Nigeria (CBN), in collaboration with the Bankers Committee, to leverage Public-Private Partnership (PPP) approach to bridge infrastructure gaps.
Specifically, the partnership is expected to commence with construction of four roads, details of which are still hazy.
Addressing the Principal Officers of the Chartered Institute of Stockbrokers (CIS) during courtesy call to him in Lagos, Anyaoku who commended the board and management of the Institute for taking it to greater height explained that governments in developed economies utiliSe the capital market to fund infrastructure projects.
He stated that all tiers of government should take advantage of long term investment opportunities in the market to raise long- term fund for development projects.
Anyaoku, whose visit was led by the CIS’ President and Chairman of Council, Mr Adedapo Adekoje noted that there was a growing need for the federal government to mobilise private capital through the market to raise long-term fund for infrastructure development.
“The capital market has important roles to play in the national economy. The managers of the capital market and the operators play pivotal roles. Developed countries did not just develop on the basis of the government funding alone, but participation of the private sectors. I am happy that the Central Bank of Nigeria (CBN) is collaborating with Bankers Committee on how to fund the huge infrastructure gap in Nigeria through Public-Private Partnership (PPP)
“Many big companies in Nigeria are performing below average because of lack of resources. The resources provided by the government is inadequate. There is a need for mobilization of private capital to enable the companies operate optimally,” Anyaoku said.
He warned against Nigeria’s adoption of common currency in the West African region saying it was too early and should not be rushed.
He argued that It took European countries many years to achieve common currency and the management of fiscal policies of the member countries must be studied.
Commenting on the closure of the bother, the technocrat said the opportunities created by the closure would be used to protect our local industries and stimulate economic growth. But he cautioned that bother closure should not be a permanent decision.
Earlier in his opening remarks, Adekoje who was accompanied by the Institute’s First Vice President, Mr Omotunde Amolegbe, the Second Vice President, Mr Oluwole Adeosun and the Registrar and Chief Executive, Mr Adedeji Ajadi said the visit was in recognition of Anyaoku’s service to Nigeria and to seek his participation in the Institute’s activities as an elderly statesman.
