The Nigerian Stock Exchange market has lost N1.732 trillion in one year of Buhari’s administration
The market, which was at N11.658 trillion market capitalization was as at May 28, 2015 has crashed by N1.732 trillion
An analyst quoted in the report said in the last one year, the efficiency of the country’s economy had been constrained by policies – monetary and fiscal.
“Our concern is that this flexibility must mean flexibility in the whole sense of it. We’ve seen the capital market make progress recently owing to these. Any attempt by the government to interfere again could drag us back significantly,” Mr Tola Oni, an analyst at WSTC Financial Services Limited said.
The fact that the capital market must facilitate capital raising for economic growth as well as mobilise savings for investment has also been revealed by the President of the Nigerian Stock exchange.
Mr Aig-Imoukhuede said part of the strategies was a broad consensus on sectorial priorities for growth, which should feed into policy formation.
“Nigeria is facing a huge growth challenge. Nigeria, indeed, has a big challenge in terms of growth. Employment rate must grow owing to the fact that the population is also growing very fast. Growth is difficult to realise; so, government must stimulate growth.
“Nigeria is only exaggerating the impacts of falling oil prices now. This is because with a robust financial market the economy can be sustained. The financial market must be encouraged.” He said.