The Association of Capital Market Academics of Nigeria has called on President Bola Tinubu to set up a Capital Market Advisory Committee (CMAC) comprising capital market experts in the industry and the academia to provide research-based advice to the Minister of Finance on Public Private Partnership arrangements and various financing opportunities in the capital market.
ACMAN’s President, Prof Uche Uwaleke at a world press briefing in Abuja to assess the key policy measures rolled out by Tinubu in the first 100 days in office commended the administration for recognizing the capital market as a major pillar in its economic blueprint as contained in the President’s Policy Advisory.
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 said the twin policies designed to end fuel subsidy 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 has boosted confidence in the economy.
He stated that this confidence was better manifested in 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 and year-to-date return now above 30 percent.
These reforms have left in their wake unpalatable outcomes which have made life more difficult especially for the ordinary Nigerian, Uwaleke observed.
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.
Similarly, not a few micro and small businesses have reduced their scale of operations due largely to inability to afford the high cost of fuel.
But the Association advised the President to move speedily to ameliorate the pains brought on vulnerable Nigerians on account of the sudden removal of fuel subsidy.
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