Date: 2008-10-23

Kwara State Governor, Dr Bukola Saraki has charged stockbrokers to evolve strategies that would stimulate investment and growth of the Nigerian economy just as he called for solutions to address the present global financial crisis.   

Declaring open the 12th Annual Conference of the Chartered Institute of Stockbrokers (CIS) holding in Ilorin on Thursday, Governor Saraki implored the stockbrokers to fashion out policies that would correct the mistakes of the past and address present and future challenges.  

He explained that at a critical period like this when the Capital Market is facing greater challenges, the onus lies in the Institute to come up with long lasting solution to the global financial crisis as it affects the country.   

Governor Saraki also enjoined the Institute to use the opportunity of the conference to bring back the confidence of the public in the capital market by re-assuring investors of their investment in order to stimulate the economy.   

He disclosed that the Federal Government and other regulatory agencies in recognition of the global crisis have come up with far reaching measures to tackle the problem.   

Among such measures, the governor explained, was the setting up of a Presidential Advisory Committee to advise government on measures to bolster the capital market.  

He said there is the need for regulatory bodies to expand the economy a bit to ensure more liquidity and injection of cash flow into the economy.   

Saraki also charged the stockbrokers to ensure that the market is strengthened, pointing out that “there is no economy anywhere in the World that is going to grow significantly without support to the capital market”.   

Speaking on the role of key players in the capital market, he said the size of the market had grown over a span of 10 years from N3billion to N13triliion even inspite of the global financial problem.   

Dr Saraki, however, expressed strong believe in the ability of the Nigerian economy to withstand the challenges posed by the global financial crisis.   

In his welcome address, the President of the Institute, Mr Oladipo Williams FCS, said the institute identified with the Federal Government’s 7 point agenda, pointing out that, that was why it came up with a theme on how the present challenges of the capital market could be tackled to achieve vision 2020 of making Nigeria one of the 20 economies of the world.   

Mr Williams disclosed that with the anxiety from investors and stakeholders on the future of their investments in the capital market, the conference would be addressing issues that can help to restore confidence and restore the market back to its enviable position.   

The theme of this year’s conference is “Sustaining the Nigerian Capital Market”.
  

Mas’ud Adebimpe 

Chief Press Secretary to the Kwara State Governor

October 23, 2008