Goddy Egene writes that despite the challenges over the year, the Nigerian capital market has performed considerably well in the last 59 years
Looking at the performance of the market over the years, it has done fairly well considering the many challenges in the operating environment. The market has have challenges such lack of capital market-friendly economic policies, ignorance on the part of many people, policy summersaults and political instability.
In terms of market capitalisation, which is the most widely used indicator in assessing the size of a capital market to an economy, it was between N10 billion and N57 billion 1988 and 1994. It improved to N1. 3593 trillion in 2003, N2.1125 trillion in 2004 and N5.12 trillion in 2006. The market capitalisation recorded the highest value of N13.2294 trillion in 2007 before falling to N9.562 trillion in 2008 due to the global financial meltdown. It closed at N13.
Also, SEC’s collaboration with Central Bank of Nigeria and Nigerian Inter-Bank Settlement System for the introduction of the electronic dividend payment platform that will address the challenge of unclaimed dividends in the market is another positive move. “We are equally working on ensuring that companies’ annual reports are distributed electronically thereby ensuring timeliness of information to shareholders and cost reduction to public companies.
Another stockbroker and Chief Executive Officer, Sofunix Investment and Communications Limited, Mr. Sola Oni said unstable macroeconomic environment, nurtured by uncertainty in the political and economic space remained a major drag to market rebound in Nigeria. He noted that the federal government’s lethargic approach towards utilising the market remains a major challenge.
He explained that EAC’s engagement should focus on how to fix the economy with multiplier effects on global competitiveness of our market, noting that the Nigerian capital market remained a major hub through which the country can serve as an investment destination. Oni, added that the arrival of Lagos Commodity and Futures Exchange , NASD and FMDQ Securities Exchange had further diversified the market.
“The economy has not been favourable to the operations of the capital market but with time it will be better. Many companies are operating under very harsh conditions yet which led to low or no return on our investments.
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