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Stockbrokers weigh in on N6.25 trillion 2022 budget deficit

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Chartered Institute of Stockbrokers (CIS)

As the Nigerian economy requires additional capital, stockbrokers are warming up to unfold a new strategy that would enable the federal government to source long-term funds from the capital market.

Particularly, their concerns are coming on the heels of the recent presentation by President Muhammadu Buhari of the proposed budget for fiscal 2022 with a deficit of N6.25 trillion.

Despite private sector agitation on the implications on revenue, the value of the Naira, and inflation, the government has maintained its preference for new borrowings.

Meanwhile, stockbrokers have consistently urged the government to take advantage of the capital market to raise medium and long-term funds to build infrastructure.

In a statement by the Chartered Institute of Stockbrokers (CIS) about a hybrid Conference with the theme, “Capital Market as a Catalyst for Economic Development and Sustainable Growth”, stockbrokers would think through practical ways of attracting longer-term investment funds.

It was learnt that the CIS has scheduled the event for Thursday, October 28 to Friday, October 29, 2021 in Lagos.

In the statement, the President, Mr. Olatunde Amolegbe, explained that the 25th annual conference would develop techniques by which the federal government could finance infrastructure through mobilization of medium and long-term funds from the capital market.

“We intend to hold discussions around optimizing capital market opportunities to improve economic development and sustainable growth in Nigeria.

The Conference shall undertake a “Review of Petroleum Industry Act (PIA) and opportunity for the Capital Market”, “Micro, Small and Medium Enterprises (MSMEs) as an Engine of Growth for Economic Development”, “Crowdfunding: Its Regulations and Impacts” and “Fintech Evolution and the Capital Market”, among other topical issues.

“There will be a panel discussion with speakers drawn from the capital market community, regulatory bodies, academia, media, sister agencies, and those in the Diaspora”, says Amolegbe.

Corroborating him, the ‘Chairman, Programmes Committee, Mr. Oluropo Dada, noted that this year’s Conference would be historical, going by renewed interest of various professionals in the securities profession.

“We are set to host the biggest Stockbrokers’ event in the history of the Institute, given the unprecedented large number of the inductees and investees. The renewed interest of our members and students in our certifications indicates that securities trading remains a desired profession.”, Dada said.

Another Stockbroker and a Co-chairman of the Conference Committee, Mrs. Elile Olutimayin, said to ensure a successful Conference, the Institute had engaged stakeholders in the financial market, including government functionaries.

Participants will include stockbrokers, fund managers, regulators, government representatives, investment bankers, and existing and potential investors.

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