By Modupe Gbadeyanka
Former Secretary General of Commonwealth, Mr Emeka Anyaoku, has advised government to explore the capital market to source for funds to execute developmental projects across the country.
According to him, the capital market remains a vital sector for the improvement of the national economy because long-term funds can be sourced from there at cheaper rates.
Speaking when some executives of the Chartered Institute of Stockbrokers (CIS) paid him a courtesy visit in Lagos, Mr Anyaoku said most developed nations of the world approached the capital market to seek for funds to carry out some projects the third world countries admire today.
“Most developed countries did not get to their present levels by accident, but by taking advantage of the capital market to raise funds at cheaper rates. They also worked together with the private sector for some developmental projects,” Mr Anyaoku told his visitors.
Speaking further, he urged “government to tap into the capital market because it has important roles to play in the national economy just as the managers and operators in the capital market also have vital roles to play.”
“I am happy that the Central Bank of Nigeria (CBN) is collaborating with Bankers Committee on how to fund the huge infrastructure gap in Nigeria through Public Private Partnership (PPP),” he continued, pointing out that some “big companies in Nigeria are performing below average because of lack of resources.”
Mr Anyaoku applauded the CIS team for being thorough professionals, urging them to keep the standard very high to boost investor confidence in the capital market.
“I am happy with the way the institute has remained highly professional. In fact, I am impressed with training of manpower and implementation of initiatives by the institute because these have helped to enhance investor education,” he said.
In his remarks, President and Chairman of Council of CIS, Mr Adedapo Adekoje, who led the team to the former diplomat, explained that the institute felt it was necessary to honour him for his immense service to Nigeria and also seek his participation in the institute’s activities as an elder statesman, which the host gladly accepted.
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