Stakeholders in the nation’s capital market have urged the government to institute an economic team comprising professionals to review fiscal and monetary policies and chart way forward for the economic growth of the country.
They also said that the harmonisation of the two policies would put the country on the path of growth.
Operators stated that the general election always put every sector of the economy in a speculative mood regarding the new policies that will likely be introduced by government.
Available data showed that in the first six month of this year, stock market remains volatile, as market capitalisation sheds N1.485 trillion or 11.25 per cent while All Share Index fell by 1463.63 basis points.
They stated that in the last seven months, the increased volatility and illiquidity have continued to trigger persistent downturn in the market, raising more questions regarding the timeframe for the end of the current weak performances.
They however explained that government policies that are favourable to businesses encouraged investment while unfavorable policies have negative impact on business activities , as it affects the price of goods and services as well as scare people away from investing in the equity market.
Specifically, they said the recent directive by President Mohammadu Buhari not to sell foreign exchange to importers for food importations has affected the prices of food stuff in the market, adding that with the current situation in the system a lot of investors have low appetite to equity investment as majority of them are struggling to meet their daily need.
The President of Pearl Awards Nigeria, Tayo Orekoya said for the economy and the stock market to record any meaningful recovery, government must put together an economic team that would prescribe leeway to nation’s economic growth.