{"id":9263,"date":"2016-10-28T16:02:32","date_gmt":"2016-10-28T15:02:32","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=9263"},"modified":"2016-10-28T16:02:32","modified_gmt":"2016-10-28T15:02:32","slug":"stockbrokers-task-fg-on-economic-recovery","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/stockbrokers-task-fg-on-economic-recovery\/","title":{"rendered":"Stockbrokers Task FG on Economic Recovery"},"content":{"rendered":"

\"download-1\"<\/a><\/p>\n

Stockbrokers Task FG on Economic Recovery<\/strong><\/p>\n

\u00a0<\/strong>Friday Ekeoba<\/strong><\/p>\n

Piqued by the continued downturn in the domestic economy, the Chartered Institute of Stockbrokers (CIS) has urged the Federal Government to ensure speedy implementation of measures aimed at reviving and further development of the nation\u2019s economy.<\/p>\n

The President of CIS, Mr Oluwaseyi Abe, made the call on Thursday day at the 20th annual conference of stockbrokers in Lagos.<\/p>\n

Abe, who expressed optimism in the potency of the government\u2019s economic revival strategy, stated that growth should be equitable and inclusive for enhanced overall development of the economy.<\/p>\n

According to him, the conference theme \u2018\u2019 Building New Pillars, Creating New Values for Sustainable Development,\u2019\u2019 was of particular importance, coming at a critical time when Nigeria\u2019s economy is in a recession, with a threat of depression lurking around.<\/p>\n

Abe said Nigerian economy is precariously supported by a single pillar with oil as the mainstay, accounting for 90 per cent of exports, 25 per cent of Gross Domestic Product (GDP) and 80 per cent of government revenue.<\/p>\n

He said as a result of this, when the global oil market shakes, our economy quakes.<\/p>

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Abe noted that drastic change in global oil price destabilised government projections and depleted our foreign reserves because the structure of the economy is monolithic and not shock-resistant.<\/p>\n

He therefore, stressed the need to build more pillars for variegation and fortification of the economy.<\/p>\n

The CIS boss commended the Central Bank of Nigeria (CBN) for the re-modeling of the floating foreign exchange rate.<\/p>\n

\u201cWe commend the apex bank for the re-introduction and re-modeling of the floating single foreign exchange rate . It is a bold and positive initiative which is in accordance with the tenets of democratic capitalism, which highlights market driven systems, free participation within individual limitations and the \u2018\u2019invisible hand,\u201d Abe said<\/p>\n

In his remarks, Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema explained that the exchange had put in place many activities for enhanced sustainable growth. He disclosed that the Premium Board Index was introduced to encourage listed companies to aspire to the highest standard of corporate governance.<\/p>\n

\u201cDespite current bearish trends, the NSE\u2019s Premium Board index has grown 6.9 per cent year-to-date,, compared to the NSE\u2019s All-Share Index (ASI) which is down 5.3 per cent. This reflects the appeal of this board to investors, and affirms that strong, transparent and sustainable listed companies are key to developing a resilient market,\u201d Onyema said.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Stockbrokers Task FG on Economic Recovery \u00a0Friday Ekeoba Piqued by the continued downturn in the domestic economy, the Chartered Institute of Stockbrokers (CIS) has urged the Federal Government to ensure speedy implementation of measures aimed at reviving and further development of the nation\u2019s economy. The President of CIS, Mr Oluwaseyi Abe, made the call on …<\/p>\n","protected":false},"author":11,"featured_media":9264,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17,624],"tags":[36,818,740,575],"coauthors":[2392,2393],"class_list":["post-9263","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","category-politics","tag-cbn","tag-ndic","tag-nse","tag-sec"],"yoast_head":"\nStockbrokers Task FG on Economic Recovery - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/stockbrokers-task-fg-on-economic-recovery\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stockbrokers Task FG on Economic Recovery - National Wire\" \/>\n<meta property=\"og:description\" content=\"Stockbrokers Task FG on Economic Recovery \u00a0Friday Ekeoba Piqued by the continued downturn in the domestic economy, the Chartered Institute of Stockbrokers (CIS) has urged the Federal Government to ensure speedy implementation of measures aimed at reviving and further development of the nation\u2019s economy. 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