Finance Minister Hails Uwaleke’s Contribution To Capital Market Development

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has hailed the academic prowess of renowned economist and first professor of capital market studies in Nigeria Prof. Uche Uwaleke on the launch of his two books.

Speaking during the colloquium/book launch in Abuja, the minister stated that Uwaleke has contributed immensely to the development of the economy through his insightful analysis of finance and economic issues.

She said, “As an academician of repute, Prof. Uwaleke, has proven his commitment and passion to the socio-economic development of the country through his incisive, factual and informative analysis of the performance of the Nigerian economy. He goes about his analysis like the teacher that he truly is, making his points as simply as possible,”

Speaking on the books, the minister who was represented by her Special Adviser on Communications, Yunusa Tanko Abdullahi, said history has shown that books are one of the gateways to sustainable learning and economic development.

She said the colloquium will open up the space for economic discourse which is what the country needs now as it faces the challenges of development.

She said one of the author’s books, “The 10Ps of the Nigerian Capital Market” is timely and important as it covers issues of economy, finance and development.

“As we grapple with our economic challenges, effort like this by Prof. Uwaleke is like a soothing balm. Government and governance are not only those who work in government ministries and agencies, it involves everyone who is a patriot, because at the end of the day, the country first,” she added.

The book launched was combined with a colloquium which had stakeholders discuss the prospects and challenges of the capital market.

Uwaleke in his speech at the event said the essence of the colloquium was to bring the issues which the capital market is facing to the fore.

According to him, “The government has supported the capital market in many ways. At first, the capital market was not mentioned in Economic Recovery and Growth Plan but in the new National Development Plan, the capital market was recognized and in the process of drafting NDP, the capital market was recognized.

“In the first book titled, the 10Ps of Capital Markets, I recommended the need to improve the supply side for securities market and also for government to improve infrastructure financing.

“We understand the size of the NDP will be borne by the private sector, as such regulation must be improved and the apex regulator which is SEC must be funded because the regulator relies for funds from the market

“In Nigeria today, the bulk of tax comes from listed companies. About 60 per cent of tax from the Federal Inland Revenue Service is from listed companies. So once more companies are listed, it means more money for the sector, as such the Capital Markets is a critical sector to the growth of the country,” he explained.

Speaking as a panelist, the President of the Chartered Institute of Stock Brokers, Tunde Amolegbe, admitted that in terms of knowledge gap, the Capital market is not deep.

He said lack of education is one of the main deterrent to wealth creation adding that the average Nigerian is not aware of what the stock market is all about.

He said, “With technology, things are changing and a lot more can be done in awareness creation and reaching the populace to deepen participation in the market.

“Stockbrokers must bring innovation and diverse ideas for the market and we will see better growth. It is important to realize time has changed and capital markets have taken significant changes in terms of regulation,”

Also speaking, Mr. Johnson Chukwu, Chief Executive Officer of Cowry Assets Ltd, believes that with a better regulatory environment, more Nigerians will surely key into the market.