The Association of Issuing Houses of Nigeria (AIHN) has listed four areas that the government would need to step up its key reforms while pledging to support the move by rallying the investment community.
These, according to the AIHN include policy reform that promotes market economics, leading to the mobilisation of active economic agents; and the liberalisation of the oil and gas sector. Others are deliberate efforts aimed at power sector optimisation and enabling environment for the realisation of private sector-led infrastructure development. The President of AIHN, Chuka Eseka, who made the observations at a news conference ahead of the association’s yearly general meetings and second Dinner and Award Night, in Lagos, yesterday, said reiterated that private sector efficiency is critical in harnessing the potential infrastructure development.
Besides, he said that increased efforts must be made to galvanise domestic investment as well as Foreign Direct Investment (FDI), given that the current revenue profile of government is weak and about N35 trillion yearly capital investment over 10 years is required to reverse the negative trends in unemployment and poverty. “Now is the time for the capital market to invest intellectual capital and develop solutions for funding key national priority sectors such as power, transportation, and telecommunications to achieve the transformational and catalytic economic benefits. “Looking ahead recognition of a significant threat to Nigeria’s medium-term economic prosperity is our population and population growth. “We are fast running out of time and must ensure that Nigerian is put on the part of sustainable six percent-plus annual inclusive GBP growth to lift Nigerians out of poverty or else face uncontrollable consequences,” he said.
AIHN First Vice President, Ike Chioke, noted that while the government must be decisive and closeout on key policy issues affecting the functioning of the economy, the Association as a corporate citizen would play its part in rallying the private sector and capital market players for their roles. “For the capital market to, however, deliver on its role as a catalyst of economic growth, market operators’ role in the financial system value chain must be strengthened so we can intermediate properly in the financial markets, develop our own global firms locally and progressively rely less on foreign expertise to execute major projects,” he said. Chioke also explained that AIHN commends the government’s efforts in its ease of doing business reforms in the regulatory environment, and asked it continues to provide incentives that would catalyse domestic institutional participation in the capital markets, boost market liquidity, and attract foreign flows.