The Association of Capital Market Academics of Nigeria (ACMAN) has called on President Bola Tinubu to set up a Capital Market Advisory Committee (CMAC) comprising capital market experts in the industry and academia to provide research-based advice to the Minister of Finance on Public Private Partnership arrangements and various financing opportunities in the capital market.
The President of ACMAN, Prof. Uche Uwaleke, said this during a world press briefing held in Abuja to assess the key policy measures rolled out by Tinubu in the first 100 days in office.
ACMAN is the umbrella body of Lecturers and Researchers in the Nigerian University System and the financial market industry committed to the development of the Nigerian capital market through teaching, research, and advocacy.
Uwaleke commended the administration of President Tinubu for recognising the capital market as a major pillar in its economic blueprint as contained in the president’s Policy Advisory.
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He added that more work needed to be done to unlock the potential of the capital market in creating wealth and boosting economic growth for Nigeria.
He said the twin policies designed to end fuel subsidies and unify multiple exchange rates which defined the administration’s first 100 days in office have been welcomed by both domestic and foreign investors and have boosted confidence in the economy.
The varsity don said nowhere has this confidence manifested better than the stock market where the benchmark index (NGX ASI) hit the highest level ever in the history of the Nigerian stock market with over 68,000 points with year-to-date return now above 30 per cent.
However, he stated that these reforms have left in their wake unpalatable outcomes which have made life more difficult, especially for the ordinary Nigerian.
He said; ‘Inflation rate is on the rise with food prices largely unaffordable and there has been evidence of declining economic activities with fewer vehicles on the roads and reduced work days in both private and public sectors.”
