LEO ALIGWO, Business Editor
The Statistician General of the Federation and Chief Executive Officer (CEO), National Bureau of Statistics (NBS), Dr. Yemi Kale, has urged the Nigerian Stock Exchange (NSE) to educate Market Operators and other stakeholders on the importance of using Market Data in decision making process at both the public and private level.
This is even as he admitted that the policy makers needed to be enlightened about the use of Capital Market as effective tool to move the nation’s economy forward.
Dr. Kale, who made the plea while fielding questions from participants at the 2016 Market Data Workshop organized by the NSE on Tuesday in Lagos, also advised the Exchange to change the classification of firms currently enlisted in the Market for easy understanding.
According to him, the NSE’s classification for industrial sector is different from that of the Federal Government.
The workshop has as its theme: “Understanding Market Data for Savvy Investing and Wealth Generation”.
He, however, regretted that the Capital Market was not yet fully integrated, pointing out that most of the sectors that drive the economy are not yet enlisted in the Market.
To this end, the NBS boss listed the agric sector as among the sectors that has zero participation in the Capital Market.
Answering further questions from Daily Champion, Dr. Kale expressed optimism that the Central Bank of Nigeria’s (CBN’s) flexible exchange rate introduced in May 2016, would soon shore up the value of the naira.
He urged Nigerians to be patient with the Federal Government and allow time for the policy to work.
Also speaking, the Chief Executive Officer (CEO), NSE, Mr. Oscar Onyema, said many people including non-Nigerians now use the Exchange’s Market Data in their respective decision making.
Onyema revealed that the NSE was currently creating a wider spectrum of investment opportunities in the country, adding; “You can’t make serious decision without using the Market Data”.
The NSE boss confirmed that the presence of Real Estate and Oil & Gas sectors in the Capital Market were slow in contrast to other sectors of the economy.
He told our correspondent that two giant construction firms, Constain Construction and Engineering firm and AG Construction Company, have presently enlisted in the Market while the Real Estate firms are just evolving.
Similarly, some firms in the oil & gas sector have enlisted in the Market, just as their stocks are quoted on the floor of the Exchange.