A senior partner at Biodun Adedipe & Co, Dr. Abiodun Adedipe, has called for deepening of the Nigeria capital market as the major sectors contributing the most to the country GDP are not well represented in the market.
He stated this at the 11th annual conference, Investiture of Fellows, Inductions of Associates and Annual General Meeting (AGM) of the Institute of Capital Market Registrars (ICMR) with the theme, ‘Sustainability of the Nigerian Capital Market as a catalyst for Economic Growth and Prosperity’ held in Lagos.
He revealed that the current performance of the Nigerian capital market bears no reflection on the GDP growth, saying major sectors such as agriculture, power, and real estate that drive GDP growth are not well represented in the capital market.
Adedipe said the common assumption that the stock market and economic move in concert has weakened in recent times as critical sectors that largely contribute between 70 per cent to 85 per cent of the Nigerian GDP are yet to be incorporated into the Nigerian capital market.
Speaking on the topic, ‘Role of Digital Technology in the Nigerian Capital Market’, the chief executive officer of the Nigeran Exchange Limited (NGX), Temi Popoola, said the country and the globe have made huge progress in digitalisation.
According to him, when we talk about digitalization, for example, it is important to realize that we made a lot of progress, both globally and also in Nigeria. It is over 25 years now that the capital market globally has been paying attention to technology.
The president and chairman of council ICMR, Oluseyi Owoturo stated “this year with significant recovery of our economy and of other nations from the devastating effect of COVID-19 pandemic, the Institute taught we should advance further to deliberate on how the sustenance of the recovery and growth achieved so far in the market would be transformed to economic growth and prosperity.”
