The Chief Executive Officer, Nigerian Exchange Limited, Mr. Temi Popoola, has said the current Nigerian situation can be turned around with solutions from the stock market.
Popoola who made this statement while addressing Capital market stakeholders at the Investment and Securities Bill (ISB) Lawmakers’ Retreat convened by the Securities and Exchange Commission (SEC) said It is well-known fact that countries with well-developed capital markets experience higher economic growth.
He said the capital market stimulates economic growth, mobilises savings, creates wealth, contributes to infrastructure development, reduces scarcity of foreign currency, aids financial inclusion, and promotes transparency and good governance. It is, therefore, crucial that the market becomes more innovative in product development to attract a more diversified array of market players both in the listing and trading segments.
In his presentation, Popoola highlighted three priority areas for deepening the capital market stating, “For the capital market to effectively contribute to sustainable economic growth, the following must be looked into critically: legislation and effective legal frameworks; macroeconomic and political stablilty; and flow of capital.”