Economic Growth : CIBN Emphasises the Role Of Capital Market in driving Economic growth

The President/Chairman of the Council of the Chartered Institute Of Bankers Of Nigeria (CIBN), Ken Opara, PH.D, FCIB has restated the importance of the Nigeria Capital Market to growth of Nigeria Economiy

The CIBN boss gave this charge on Monday, while speaking at the Retreat for the Committee of Senate on Capital Market.

He noted that the capital market is equipped in facilitating investment, and fostering financial stability for the country

Mentioning that the capital market serves as a critical platform for channelling savings into productive investments, thus catalyzing economic development and wealth creation.

He stressed that the Nigerian Capital Market plays a crucial role in helping to boost the foreign exchange reserves of Nigeria.

Adding that a viable market attracts foreign investments, and this leads to the inflow of foreign exchange into the economy.

He said this can further help in stabilising the currency thus making it more attractive to foreign investors.

He however, congratulated the Senate Committee on Capital Market ably, led by Distinguished Senator Osita Izunaso, for their steadfast commitment in developing Nigeria’s capital market and fostering a robust market environment.

Opara said It is worthy of note to mention the committee’s initiatives including the repeal of the investments and Securities Act (ISA) 2007, which has already passed 1st and 2nd Reading at the House of Representatives and 1st Reading at the Senate.

He mentioned that their effort towards fast tracking the process by submitting to the President to assent by Q1 2024 is commendable.

Hence, he stated that this initiative is expected to aid the functioning of the capital market and facilitate on-going economic diversification in the country among others.
He however, reiterated The Chartered Institute of Bankers of Nigeria’s unwavering commitment to supporting the Senate Committee on Capital Market in its noble mandate of promoting the vibrancy, resilience, and integrity of Nigeria’s capital market, bearing in mind that the banking industry is a major player in the capital market.