Stockbrokers Say Africa’s Socio-Economic Imbalance Can Be Addressed Via Capital Market | Independent Newspapers Limited
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Stockbrokers Say Africa’s Socio-Economic Imbalance Can Be Addressed Via Capital Market

Posted: Oct 30, 2015 at 7:45 am   /   by   /   comments (0)

The Chartered Institute of Stockbrokers (CIS) on Thursday said that poverty and socio-economic imbalance in Africa could be addressed through accessing finance from the capital market

Mr Oluwaseyi Abe, CIS Acting President and Chairman of Council, made the assertion at the 19th Annual Stockbrokers’ Conference organised by the institute in Lagos.

Abe also said that the socio-economic imbalance would be addressed with strong entrepreneurs’ empowerment.

He said that Africa needed to break out from a vicious cycle of poverty and its attendant socio-economic imbalance through optimal utilisation of capital market to finance small businesses and long-term projects.

Abe said that the capital market mechanism allocated capital and enhanced economic performance as well as provided a window through venture capitalism for the growth of small and medium scale enterprises.

He said that Africa should take its rightful place in the comity of nations through better policy initiatives for greater economic development.

Abe said that the workshop was organised to enlighten African businesses, entrepreneurs and governments on the way forward to fast track new and prosperous economies across the continent.

According to him, the importance of entrepreneurship and entrepreneurs in economic development cannot be over-emphasised.

He explained that entrepreneurship had been defined as the capacity and willingness to develop, organise and manage a business venture along with any of its risks to make profit.

Abe said the restructuring of Nigeria’s economic model and strategies were paramount for greater growth and development.

“Nigerian economy is in a strait which necessitates lateral thinking, creativity and restructuring of our economic model and strategies to forge a new trajectory not just for survival but greater development,’’ he said.

Abe said that the theme of this year’ conference, “Entrepreneurship and the Capital Market: Fast Tracking a New Economy for Africa’’, was indicative of CIS Pan-African sentiment.

Mr Oscar Onyema, Chief Executive Officer, Nigerian Stock Exchange (NSE), commended the institute for the conference, saying that social inequality and societal problems could not be solved by government alone.

Onyema said that private sector through the capital market could solve Africa’s development problems more effectively.

He said that the exchange was committed to the growth and development of the Nigerian capital market.

Onyema added that “Africapitalism’’ would play a major role in bringing solutions to African problem.

“Africa must promote the continent through sustainable investment to achieve the desired growth, Onyema said.

Mr Temi Popoola, Chief Executive Officer, Renaissance Capital (Rencap) Nigeria, said that Africa offered a lot of business opportunities that had yet to be tapped.

Speaking on “Overview of business in Africa: Opportunities and Possibilities’’, Popoola identified population growth, technology, political stability and regional integration as strong investment variables in Africa.

Popoola said that investment opportunities in Africa that would enhance employment were being under explored and underdeveloped enormous.

He listed corruption, infrastructure challenges, external shocks and bureaucracy as headwinds affecting investment opportunities in Africa.