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Invest SWF in capital market - Operators
AGAINST the backdrop of investing the Sovereign Wealth Fund (SWF) outside the shore of the country, capital market operators have called on the Federal Government to invest the fund in the stock market as a move to help deepen the market.
The operators said the investment of the SWF in the capital market would, aside from aid other investment in the country, go a along way to stabilise the equities market and bring back the much need confidence to the market.
It will be recalled that stockbrokers have been in the forefront for the government to bailout the stock market after almost N9trillion loss incurred by investors between 2008 and 2010 financial year.
Operators in the Nigerian capital market had renewed calls to the Federal Government and the regulators to ensure that activities improve in the market.
The President, Chartered Institute of Stockbrokers, Mr Ariyo Olushekun, noted in a statement that “It is important for the government to urgently provide a stimulus package for stockbrokers, to enable and empower them to play their roles in the capital market.
Olushekun also noted that it was essential for the investment strategy of the country’s Sovereign Wealth Fund to be reviewed, adding that if not, “Nigeria stands the chance of losing a huge chunk of the fund.”
According to him, investing a significant portion of the SWF in the Nigeria Stock Exchange would not only safeguard the fund, but also help to grow the capital market and the economy as a whole.Share