Obaseki Predicts Sustained Capital Market Resilience
The Edo State Governor, Mr. Godwin Obaseki, has described Nigeria’s capital market as one of the most formidable institutions for finance mobilisation, providing opportunity to raise long-term capital from sectors of the economy with surplus for new projects that will help expand and drive industrialisation.
Governor Obaseki said this in a lecture themed the importance of capital market in the economic development of Nigeria, delivered at the Investiture Ceremony of Mr. Adedapo David Adekoje, as the 10th President and Chairman of Governing Council of the Chartered Institute of Stockbrokers, in Lagos.
He described Adekoje as a consummate stock broker, who has contributed immensely to the maturity of the capital market, the institute and to the development of Nigeria.
He continued, “With over two decades’ experience of building and leading integrated and marketing operations for high profile companies such as Halifax Building Society (now Halifax Bank) London; Trade Bank, Nigeria, where he was seconded to their stock-broking firm - Professional Stockbrokers Ltd; his personal and official contributions to the Chartered Institute of Stockbrockers leave us in no doubt that he has very well planted enviable footprints in line with the most desirable, beneficial and acceptable outcomes currently required in taking the Institute and indeed our nation to a globally respectable and prosperous clime.”
On the impact of the capital market on Nigeria’s economy, Governor Obaseki said, “Mobilising resources for national development has for long been the central focus of development economists. As an Institution, which specializes in mobilising finance from the surplus sectors to the deficit sector, the capital market is one of the most acknowledged, resilient and result-oriented means of raising long-term capital for financing new projects, expanding and modernising industrial prospects.”
He argued that even with the buoyant opportunities inherent in the capital market, reaping the full benefits is still largely hinged on the efficient performance of the stock exchange, public understanding of the very specialised and organised nature of the capital market and availability of domestic savings and inflows of foreign capital.