WITH the significant recovery in the nation’s economy from the effect of COVID-19 pandemic and the growth recorded in the Nigerian capital market being ranked fourth best performing index globally in Half Year (H1) 2022, Registrars deliberated on how this growth could be transformed to economic prosperity.
In a welcome address at the 11th Annual Conference of The Institute of Capital Market Registrar’s (ICMR) held in Lagos, the President and Chairman of Council, ICMR, Oluseyi Owoturo, noted that following previous year’s conference where digital technology approach towards reinventing he Nigerian capital market growth was deliberated, the Institute deem it imperative to chart course to transform success in the capital market to national economic growth.
“This year with significant recovery of our economy and of other nations from the devastating effect of COVID-19 pandemic, the Institute thought we should advance further to deliberate on how the sustenance of the recovery and growth achieved so far in the market would be transformed to economic growth and prosperity.”
He noted that a major point currently in the capital market is the proper identification of existing investors to prevent identity theft and there may be need for a provision of national identification for all financial transactions, thus the need to deliberate the on issues of proper identity management.
In his keynote address – ‘Sustainabilty of the Nigeria Capital Market as a Catalyst for Economic Growth and Prosperity ‘, senior partner at Biodun Adedipe & Co, Dr Abiodun Adedipe, called for deepening of the Nigeria capital market, while noting that the major sectors contributing the most to the country GDP are not well represented in the market.
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He revealed that the current performance of the Nigerian capital market bears no reflection on the GDP growth, saying major sectors such as agriculture, power, and real estate that drive GDP growth are not well represented in the capital market.
Adedipe said the common assumption that the stock market and economic move in concert has weakened in recent times as critical sectors that largely contribute between 70 per cent to 85 per cent of the Nigerian GDP are yet to be incorporated into the Nigerian capital market.
Speaking on the topic, ‘Role of Digital Technology in the Nigerian Capital Market’, the chief executive officer of the Nigeran Exchange Limited (NGX), Temi Popoola, said the country and the globe have made huge progress in digitalisation.
According to him, when we talk about digitalization, for example, it is important to realize that we made a lot of progress, both globally and also in Nigeria. It is over 25 years now that the capital market globally has been paying attention to technology.
Meanwhile, ICMR has invested Emeka Anyaejiis and Aigbovbioise Aig-Imoukhuede as Honorary ellow of he Institute, while 15 new Associates were inducted, just as the Institute invest eight Fellows.
