Nigeria’s Huge Infrastructural Deficit, One Of The Worst Globally.

. . .Nation needs 2 trillion dollars before 2043 to bring her infrastructure up to par, says Stockbroker

The Chartered Institute of Stockbrokers on Wednesday said Nigeria has one of the worst infrastructural deficits in the world with a projected need of no less than two trillion dollars between now and 2043 to bring her economic infrastructure up to par.

The institute made this submission during an interactive session of the Senate Committee on Capital Market with relevant stakeholders in the market.

The Stockbrokers, in a presentation by it past president, Oluwaseyi Abe, recommended that Nigeria should radically raised her infrastructural stock as a percentage of GDP, to 70% within the next 30 years.

“Consequently, government alone cannot solve the infrastructure problem. There is urgent need for massive contributions from the private sector, and that can best be facilitated by the capital market, being the custodian of long term funds.

“It therefore becomes imperative that the Federal Government, going forward, makes a conscious effort to restructure the financial system in a manner that aids the speedy development of, and contribution of the capital market to the national economy,” they posited.

The Federal Government, the institute said, needs to review the entire financial system in Nigeria with a view to restructuring it to achieve a more effective and efficient mobilization of savings and consequently, faster economic growth.

They contended that the near total attention paid to the banking g system over the years had resulted in Nigeria not being able to achieve optimal economic growth relative to her potentials.

The body further recommended that the government should set up a National Council on Savings, using the most appropriate channels in the country.

The Stockbrokers also suggested that the pool of monies left idle in the banks by depositors(through deaths among others) over the years, together with the unclaimed dividends funds should be pooled together and handed to a trustees and made available for both stockbrokerage firms and mortgage sector under strict guidelines towards reducing interest rate in the financial system while encouraging liquidity in the market.

In his remarks, the chairman of the Senate Committee bon Capital Market, Ibikunle Amosun, solicited the support and understanding of the relevant stakeholders to move the nation and the capital market forward.

Some of the major stakeholders at the interactive session included Security and Exchange Commission, Investments and Security Tribunal and the Nigerian Stock Exchanon Wednesday-