How Capital Market will Drive Nigeria’s $1tr Economy- Shettima

Kashim Shettima, Nigeria’s Vice President said Nigeria’s capital market is crucial in driving its $1 trillion economy agenda.

He said this yesterday, while receiving executive members of the Association of Capital Market Academics of Nigeria (ACMAN), led by its President, Prof. Uche Uwaleke, at the State House, Abuja, yesterday, Shettima stressed that the capital market’s expertise and quality membership are vital to achieving this objective.

Nigeria’s capital market is seen as a key driver of economic growth, with its potential to mobilize long-term funds, provide liquidity, and facilitate economic expansion.

The Vice President’s remarks come as Nigeria seeks to diversify its economy and reduce dependence on oil exports.

In a statement issued by Senior Special Assistant to the President on Media and Information, Office of the Vice President, Stanley Nkwocha, Shettima said: “We are now in a knowledge-driven age; without the skill set, we cannot make much progress.

“The capital market has a very prominent role to play in pushing us to the one trillion-dollar economy. With your intellect, experience, and the quality of your membership that counts – not in numbers – we can achieve our objective,” he said.

Sen. Shettima who lauded the efforts of capital market experts, emphasized the significance of their contributions to ongoing interventions to transform the nation’s economy.

He said: “We have the skill set, the people, but what matters is the leadership that will push us to cross the Rubicon. We need your association to work with us to come up with robust solutions to our nation’s needs.

“Wherever Nigeria goes, that’s where Africa will go. So, we have that moral burden to make this continent work. That is why I am pleased with your partnership and support for our administration.”

He explained that the association, comprising professors and senior academics from Nigerian universities specializing in financial market research, has taken steps to strengthen the bond between academia and industry.

“Today, the association welcomes captains of industry in order to strengthen the bond between the town and the gown,” Uwaleke explained.

In a move that signifies the growing importance of academic input in national economic policies, ACMAN has conferred its highest membership status on Vice President Shettima.

“The second objective is to confer on His Excellency, Vice President Kashim Shettima, the highest membership status of the association – Fellowship of Capital Market Academics,” Uwaleke announced.

This decision made unanimously at ACMAN’s last conference recognises VP Shettima’s role as Chairman of the National Economic Council (NEC).

Uwaleke explained that “at the last conference we had, members unanimously nominated His Excellency as a fellow of the association as the Chairman of the National Economic Council.”

“We look forward to your inaugural lecture, a very important condition for the award,” he added.

Also present at the meeting were Prof Seth Akutson from Kaduna State University; Dr Hussaini Mohammed; Prof. Taibat Atoyebi and Dr Yekeen Abdul-Maliq, all from the University of Abuja.