The Chartered Institute of Stockbrokers (CIS) has urged the Federal Government (FG) to prioritize the development of Nigeria’s commodities ecosystem as a means of achieving its ambitious $1 trillion GDP target. In a communique signed by CIS leaders, the institute presented a 13-point agenda emphasizing policies to strengthen commodity trading and exchanges. They highlighted the potential for export trade, forex generation, and Naira stabilization through efficient trade agreements and enhanced industrial access to power. The CIS also recommended listing state enterprises like the Nigerian National Petroleum Company Limited (NNPCL) on the stock market to deepen capital markets and drive revenue growth.
The communique underscored the need for structural reforms, including deregulation, debt management, and policies to attract private equity and venture capital. Drawing on strategies used by countries like China and the U.S., the CIS proposed leveraging tariff policies to bolster local industries and incentivize SMEs to engage with the capital market. Additionally, the institute called for integrating fintech solutions, blockchain, and other digital innovations into the capital market to enhance efficiency and attract younger demographics, including Millennials and Gen Z.
Highlighting the informal economy’s untapped potential, the CIS advocated for initiatives to encourage indigenous companies and SMEs to list on the capital market through tax incentives and policy reforms. They stressed the importance of addressing foreign exchange challenges, improving financial literacy, and aligning the capital market with key sectors such as agriculture and oil and gas. The CIS also urged the Central Bank of Nigeria (CBN) to implement tight monetary policies to curb inflation and proposed debt restructuring to relieve fiscal pressures, enabling the country to better manage its resources and drive sustainable economic growth.