Foreign investment in capital market hits $15bn – Salami

An Economist with the Lagos Business School, Dr Doyin Salami, on Thursday said the foreign portfolio investment in the nation’s capital market reached 15 billion dollars (N2.36 trillion) in 2013.

Salami made this known at the 2013 Triennial Delegates Conference/Gala Night organised by the Independent Shareholders Association of Nigeria (ISAN) in Lagos.

Salami spoke on: “Nigeria Economy in a Post Global Recession Era: Challenges and Opportunities”.

He said that change in the spending pattern had attracted international attention to the nation’s economy, especially the equities market.

Salami said that market regulators should show concern on how to improve local participation in the market to avoid market crash in case of investment outflow by foreign investors.

He said that market regulators should come up with strategies aimed at improving local investors’ participation in the nation’s bourse to avoid a repeat of what happened in 2008.

According to him, Nigeria remains one of the fastest growing economies in the world due to increase in activities, international trading relations and reduction in inflation rate.

He said that the Federal Government should encourage private sector’s participation in the critical areas of the economy to sustain growth.

The economist said that government must tackle infrastructure challenges and strengthen educational system to improve quality of labour.

“We must produce high quality labour, if we want to remain competitive,’’ Salami said.

He said that the nation’s competitive performance index would improve with good infrastructure aimed at reducing cost of business and high quality education.

Earlier, Mr Sunny Nwosu, the ISAN National Coordinator, said that the aim of the conference, organised every three years, was to evaluate the performance of the capital market and economy in general.

Nwosu said that the association would continue to insist on a more dynamic market with the best Investor Protection Fund (IPF).

He said that the association was committed to wealth creation and economic transformation. (NAN)