Stockbrokers Advise FG, INEC, Political Parties On 2023 Elections

The Chartered Institute of Stockbrokers (CIS) has urged the Federal Government, the Independent National Electoral Commission (INEC), and various political parties to keep away from any act that may trigger violence in the upcoming 2023 general elections.

Speaking at the recently concluded "Annual National Economic Review and Outlook for 2022" of the institute held in Lagos, the Chairman, Research and Technical of the institute, Akeem Oyewale, pleaded with the political elite to desist from any act of violence that could jeopardize the outcome of the forthcoming general election.

He encouraged them to embrace the spirit of true patriotism, fairness, and tolerance so as to ensure the continued existence of the country.

According to NAN, Oyewale, who spoke on the topic "Global dynamics shaping Nigeria’s economic future," highlighted some key factors that will shape the Nigerian economy this year.

In his speech, he focused on the processes leading up to the general election in 2023, as well as the aftereffect of the election results as an underlying force that could either make or break us.

He also put more emphasis on the effects of COVID-19 on the economy as something to be mindful of.

He advised the Federal Government to step up engagement with the Nigerian capital markets, such as the NGX, FMDQ, NASD, and AFEX, to help ensure coherent financing of the 2022 budget deficit without overshooting borrowing.

He also advised the apex monetary authority, the Central Bank of Nigeria (CBN), to take into consideration the capital market when making monetary and fiscal policies.

On accessing the growth impact of the capital market, especially when taking a critical view of the need for new listings, Oyewale noted that the commercialization of the NNPC was not only a welcome development but consideration should be given to a public listing of its shares in the stock market.

He believes that this will give the public a great opportunity to own a part of their future.

Finally, he urged institutional investors, particularly pension fund administrators, to increase their equity market investments despite the volatility, believing that this will help create much-needed stability and encourage greater capital inflows.

Olatunde Amolegbe, President/Chairman of Council, CIS, who spoke earlier, informed participants that the institute will continue to partner with our higher institutions of learning so as to deepen capital market literacy in the country.

He informed all that the institute was collaborating with international professional bodies such as the CISI, UK, to help broaden the acceptance of the capital market profession in Nigeria.