The recent target ofN150 trillion by theNigerian Stock Exchange (NSE) by 2016 has been described as a tall dream by shareholders.The shareholders said there was noting presently on ground that would make the stock market attain that value base, even as they said that the low investors confidence that still pervade the securities market had continued to call for concern.The Chief Executive Officer of the NSE, Mr. Oscar Onyema, had recently affirmed the Exchange's aim to grow market capitalisation by N150 trillion in the next five years.Onyema said the five-year growth outlook would leverage on target-based business development efforts; 21st century technology strategies; strong regulatory programmes; first-rate investor protection strategies; and growth enabling market structure.He noted that illiquidity in the capital market was a key factor that hinders capital 'raising efforts of large domestic firms.'Illiquidity in a capital market hinders capital 'raising efforts of large domestic firms; FDI is negatively affected when raising local capital is difficult and costly; restricted capital markets 'silently' impose major economic penalties on local companies,' Onyema said.The President of Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, while reacting to the development, said there was no indices currently to show that NSE would grow market capitalization to such amount, considering the fact that the year 2012 is already at hand.Okezie said that the exit of some multinationals from the market, while others are currently declaring intentions to leave the market, was unfavourable and would not create an enabling environment for the exchange to achieve the target.'We have not even charted a course to come out of the recession, no indices to grow the market presently and how are they planning to actualize this. Let them put their house in order first, if not, they are just beating about the bush,' he said.However, in his comment to the growth outlook, a market consultant with Deloy Consulting Limited, Mr. Tunde Oyediran, expressed optimism that the target is achievable.Oyediran, who noted that with efforts put in place by the NSE in terms of networking with various government agencies, as well as efforts to woo multinationals to list in the market, would enable NSE achieve the target. He however, added that the present 'restrictive and concretionary' policies of the Central Bank of Nigeria is currently affecting the market and could mar the Exchange's efforts to reach the target.'I so much believe that where there is a will, there is always a way. They are already overcoming some of their teething problems. I believe with the exchange, considering the pedigree of Finance Minister and conscious efforts of the government to revitalise the economy, we will get there,'he said.
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