The Managing Consultant, CITC Global Consulting and fellow of the Institute of Chartered Accountants of Nigeria, Tayo Orekoya, says despite what is happening in the economy, the results released by quoted companies on the Nigerian Stock Exchange show that the economy is gradually getting out of the woods after the recession.
He said Nigeria had a cause to celebrate as things were beginning to look up despite the economic unease of the past year evident in the degree of forex fluctuations, infrastructural decadence, among other challenges.
Orekoya said these in an interview with our correspondent.
“So, despite the challenges that have been there, our companies are returning value to their stakeholders. We need to celebrate them, and we know that they deserve to be celebrated,” Orekoya added.
Considering the increasing challenges faced by regulators in the Nigerian capital market, he thus urged them (regulators) to sustain the tempo and also ensure that there was policy consistency.
He said the regulators should ensure that the market continued to consolidate on the current gains, adding “Though the market is gradually getting out of the woods and the bulls have taken over, we want a situation where the positive trend will be sustained so that the returns on investment would be worth the investment made by shareholders.
“We also want the regulators to ensure consistent education on the capital market operations so that confidence can be fully restored. We want them to look at encouraging more local companies to get listed on the Nigeria stock market.
“They should look at the listing regulations and how these can be streamlined and stepped down so that more companies from the telecoms, oil sector can be listed. They need to get into the market. We believe that if the regulators do this, the market will be better for it. As it will be deepened and then we can consolidate on the gains.”
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