Nigeria Economy: Expert Offers Leeway For Post COVID-19 Survival

December 7, 20200258

-by our correspondent.

A financial market expert has offered suggestions that could help boost the nation’s economy despite the negative impact of the COVID-19 pandemic.

In a paper delivered at the Capital Market Correspondents Association of Nigeria (CAMCAN) 2020 workshop with the theme: “The Capital Market in Post COVID-19 Nigerian Economy”, a Financial Economist and Professor of Capital Market at the Nasarawa State University, Uche Uwaleke, asked the Federal Government to partially privatise government assets such as the Nigerian National Petroleum Corporation through the Nigerian Stock Exchange (NSE).

Uwaleke said the Federal Government can deploy proceeds from the sale of the public enterprise to recapitalise development financial institutions in the country such as the Bank of Industry (BoI) and Bank of Agriculture (BoA).

He also called for the partial sale of the Nigerian Commodity Exchange (NCX) to private investors and called on government to put in place policies to support the commodity trading environment.

Prof. Uche Uwaleke financial economist and a professor of capital market at the Nasarawa State University Keffi; Mr Oluwole Adeosun CEO Chartwell Securities and Vice President CIS; Mr Seyi Owotoro, President ICMR; Mrs Chinyere Joel-Nwokeoma, Chairman Capital Market Correspondents Association of Nigeria; Mr Stephen Falomo, Director SEC Lagos Zonal Office representing SEC DG; Ms Jumoke Olaniyan, Vice President Market Architecture FMDQ Securities Exchange Limited, representing Bola Onadele, MD FMDQ; Ms Hafsat Rufai, Head Operations Lagos Zonal Office; Mr Lanre Odufuwa, team lead Primary Market NSE

The professor asked for the provision of financial incentives for companies listed on the Securities Exchanges and called on the Federal Government to focus on increasing external reserves through export expansion to lessen the country’s helplessness to external economic uncertainties .

On infrastructural development, the Don called on the government to address infrastructure gaps through Public Private Participation and to issue more infrastructure bonds such as the Sukuk and Green Bonds which are tied to self-liquidating projects.

While charging the government to tackle insecurity and continuously improve the Ease of Doing Business in the country, Uwaleke called on the Central Bank of Nigeria (CBN) to deploy policies that are favourable to stock market growth to support the recovery of the economy.

“The CBN should consider scaling up its development finance efforts especially as they relate to agriculture value chain,” he said. Uwaleke called for the strict enforcement of the corporate governance codes for listed companies to among other thing; boost investor confidence, leverage FinTech, expand product offerings and continuously engender the market confidence through zero tolerance for infractions.