Economic team: SEC, NSE exclusion inimical to economic growth - Stakeholders

The non inclusion ofthe Securities andExchange Commission (SEC) and the Nigerian Stock Exchange (NSE) in the economic team of the Federal Government, in the quest to transform the economy, may lend to non achievement of the desired objectives.Stakeholders in capital market said as the core operators of the equities market which serve as the barometer in measuring the growth/development of the domestic economy, 'the inclusion of SEC and NSE in economic team is germane to the present economic growth drive of the government.'The stakeholders, who picked hole in the line up of the economic team, said that despite the fact that members are giant in their various field of endeavour, argued that SEC, NSE and other stakeholders in the equities ought to be members of the economic team to give it the needed breath from the equities market.It will be recalled that there has been recent uproar in the non inclusion of capital market stakeholders in the nation's economic team recently set up by President Goodluck Jonathan.To guide against any lopsidedness when economic policy decision are finally taken, the stakeholders called on the government to revisit the issue with a view to including economic experts and stakeholders in the capital market.The Chairman of ASHON, Alhaji Rasheed Yusu, lamented the exclusion of other capital market community from such a sensitive body, saying that stakeholders in the sub-sector were supposed to provide antidotes on capital formation for small businesses and funding to various sectors towards growing the nation's economy.'Governments and other private sectors come to the market to access funds for various developmental projects where market stakeholders offer financial advice. If we are talking of getting funds from the market to grow economy and operators are not represented in a sensitive body like the economic team, then there is a lacuna. It is logical that the market is represented because even in America where we copy most of the things, capital market experts normally head this kind of team,' he said.
Click here to read full news..