Capital market - A Nigerian stock broker has commended the efforts of the regulators and the government to revive the country's capital market, which is still reeling from the downturn of fortunes which it suffered since 2008, due partly to the global economic meltdown.
“The reforms were very good. It has helped to reposition the market as investors' confidence is gradually being regained,' said the Chief Executive Officer of the brokers Partnership Investment Company, Mr. Victor Ojiemwonyi.
'However, it needs to be said that since the intention of government is to resuscitate the market, criminalising stock brokers is not such a good way about it,”he said at the monthly forum of the Capital Market Correspondents' Association of Nigeria (CAMCAN) in the commercial city of Lagos on Wednesday.
Speaking on “Market Reforms: The Journey So Far,” Mr. Ojiemwonyi identified illiquidity, excess securities and debt hangover as some of the factors that led to fall of the market then.
He however, expressed optimism that the bad days are over.
“The growth prospects are very good. I think the growth prospects are real, because the economic is getting better. From five to seven years from now, the market will fully stabilize. You can see that in less than four years after the crash, we are coming back. Nigeria potentials are so huge, tapping into it is what is needed,” he said.