The Chartered Institute of Stockbrokers (CIS) has hinged the success of the plan to attain $1 trillion economy on strong public-private sector partnership across board.
This was contained in a communique signed by Oluropo Dada, President/Chairman of Council, according to Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications, Office of The Vice President.
The institute, which noted that Nigeria’s aspiration for a $1 trillion economy is realistic, however, stressed that ” it will require deliberate and coordinated efforts to deepen capital formation across industries”.
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” The collaboration between the public and private sectors must be institutionalized, with urgent reforms to unlock domestic capital and attract sustainable foreign investment.”
As part of measures to attain the $1 trillion economy target, President Bola Tinubu recently mulled a policy to empower 1000 people in each of the 8809 wards across the country.
The empowerment of over eight million Nigerians is aimed at catalysing economic development from the grassroots
The CIS reaffirmed that a strong, transparent and inclusive market is critical in achieving Nigeria’s ambition of becoming a $1 trillion economy.
The communique stated: “Nigeria is in dire need of national savings strategy to mobilise local and savings and channel them into productive sectors, particularly manufacturing and technology.
“For enhanced efficiency, regulatory approvals should be streamlined to promote innovation such as fintech integration and avoid overlapping mandates that delay capital flows.”
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The CIS advised the Federal Government to ensure effective coordination of market stakeholders to enhance the implementation of fiscal, trade and monetary policies to boost investor confidence and attract long-term capital.
It also advised stakeholders to maximize the unprecedented capital market transformation momentum in Nigeria, to contributing to job creation and boosting national wealth.
