Vice President Shettima has called on leaders in Nigeria’s capital market to restructure the system and deploy strategies that would attract more youths to leverage opportunities in the sector.
He made the statement on Thursday when he received the management of the Chartered Institute of Stockbrokers (CIS), led by its 13th President and Chairman of Council, Mr. Oluropo Dada, on a courtesy visit to the Presidential Villa, Abuja.
According to him, the restructuring of the sector should include, among other things, the strengthening of internal mechanisms to check unwholesome practices by unscrupulous persons in the market.
Speaking on the contributions of CIS to the nation’s economy, Shettima observed that while the institute’s position in the economy is critical, it has been grossly underutilized over the years.
He called for a complete overhaul of the system and the deployment of innovative measures to fully harness the sector’s potential.
Shettima stated, “There is a need to think outside the box to get more people to participate in the stock market. How do you get more youths to be interested in the Nigeria capital market? You need to develop and put in place strategies to engage more youths to take advantage of the opportunities in the capital market.
“I also want to urge you to go and put in place structures and a mechanism to checkmate sharp practices in the capital market. Go and strengthen your internal mechanism for watching your members. A lot of things are happening that have discouraged many people from participating in the sector.”
The Vice President noted that a vibrant stock market can lead to positive growth in the economy, hence the need for all stakeholders to develop a keen interest in the market’s happenings.
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He assured the institute of the Bola Ahmed Tinubu administration’s unwavering support for its activities, including efforts to review the Act establishing CIS and its quest to have members participate in the programs of the National Institute for Policy and Strategic Studies (NIPSS).
Earlier, the President of CIS, Mr. Dada, commended the Tinubu administration for its bold and courageous policies and programs, including the petrol subsidy removal, banking sector recapitalization, and reforms in the foreign exchange market.
He called on Nigerians to show more understanding and cooperate with the administration, assuring that the Federal Government will meet and even surpass the expectations of Nigerians in the key sectors of the economy.
“After one year in office, the administration of President Bola Ahmed Tinubu has not disappointed the capital market. We are seeing all the key indices and figures,” the CIS President said.
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