Following the recent swearing-in of new ministers by President Muhammadu Buhari, capital market operators have asked the new ministers to save the country’s economy from collapse.
Sola Oni, chief executive officer, Sofunix Investments and communications tasked the ministers to immediately swing into work adding that economic policy on the capital market should be aimed at retaining investors’ confidence.
Mr Oni said, “Appointed ministers to get to work immediately to save the economy from another imminent collapse.
“We run an economy where about 65 percent of our income is devoted to servicing debt which hovers at 70 billion dollars. This is a killer situation and the state of infrastructure is still a journey to be accomplished.”
He added that once investors continue to be apprehensive of macroeconomic stability.
He said, “The issue of medium and long term investment horizon becomes unpopular. This is one of the major factors accounting for the continuous slide in prices of shares on the Nigerian Stock Exchange.”
Moses Igbrude, publicity secretary, Independent Shareholders Association of Nigeria stated that ministers in key sectors of the economy to work closely with players in the private sector for job creation among the unemployed.
“Those saddled with the management of the economy should work closely with the private sector to formulate policies that will help businesses in order to create jobs and wealth for Nigerians.
“The government must and should harness the potential of the capital market for economic growth and development. A private sector-driven economy is the best approach to a sustainable and prosperous economy anywhere in the world,” he said.
He, however, called on the new Federal Executive Council (FEC) to formulate policies on the ease of doing business, multiple foreign exchange market and also tackle multiple taxations.
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