Stockbrokers have urged the listing of NNPCL and other state enterprises to help Nigeria achieve its $1 trillion economy goal. They want capital market reforms and improved financial literacy.
Nigeria’s stockbrokers have outlined strategies to help the Federal Government achieve its $1 trillion economy goal without increasing borrowing or relying on “ways and means” financing.
In their 13-point agenda, the Chartered Institute of Stockbrokers (CIS) calls for listing the Nigerian National Petroleum Company Limited (NNPCL) and other underperforming state enterprises on the capital markets.
This move, they argue, would enhance company profitability and generate tax revenue for the government.
This agenda was presented following the CIS’s 28th Annual Conference in Ibadan, Oyo State, themed “Capital Market as Catalyst for the $1 Trillion Economy”.
During the event, stockbrokers highlighted the need to rebase Nigeria’s GDP and tap into the informal economy, which remains largely untapped by the capital market.
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Moreover, the CIS urged the government to incentivise the listing of indigenous and privatised companies, as well as SMEs, by offering tax breaks and support.
They also recommended integrating fintech, blockchain, and digital innovations to make the market more accessible and appealing, particularly to younger generations and foreign investors.
In addition, the stockbrokers emphasised the importance of improving financial literacy to help investors make informed decisions.
They also proposed that Nigeria’s capital market better reflect key sectors like agriculture and oil and gas, which would drive capital mobilisation and economic growth.
Furthermore, they suggested debt restructuring and stronger policies in the commodities ecosystem to boost foreign exchange and GDP growth.
Ultimately, the stockbrokers believe these strategies could unlock Nigeria’s economic potential and help achieve the $1 trillion target.
