The Chartered Institute of Stockbrokers (CIS) has urged the Central Bank of Nigeria (CBN) to include stockbrokers when formulating and implementing monetary and fiscal policies to corroborate growth in the capital market. The CIS disclosed the information during its yearly economic review and outlook for 2022 in Lagos, Nigeria.
Akeem Oyewale, Chief Executive Officer of Marble Limited and a fellow of the Chartered Institute of Stockbrokers, explained that crucial macro-economic shocks in 2021 was as a result in availability of foreign exchange, he elucidated that the demand for foreign exchange outweighed supply leading to shortage gap in the market which decreased international investments.
Oyewale further stated that business activities in the equities market compared to 2020 was moderate. The fixed income market experienced growth as it recorded N5 trillion worth of new issues, including corporate bonds issued by MTNN, BUA Cement and Dangote Cement.
In respect to the economic outlook of Nigeria, Oyewale stated that the 2023 election will be a pivotal determinant of the economy, as well as the COVID-19 virus with the omicron variant leading to rising Covid cases.
He prescribed improvement of tax revenue by expanding on tax and excise revenues. he also stated that the review of effectiveness of policies for tax waivers and concessions is of utmost importance, emphasizing on the importance of technology to drive growth in custom revenue.