Stockbrokers hopeful of sustainable economic rebound with new government

Chief Executive Officer of Wyoming Capital and Partners, Tajudeen Olayinka, said the President’s inaugural speech is an indication that Nigeria would move away from the hitherto public sector-oriented economy to a private sector-dominated one.

He, however, said for the timely inauguration of the national economic team to begin to articulate a new direction.

According to him, fuel subsidy removal and immediate unification of exchange rates are key decisions that will put the economy on the path of sustainable growth. He noted that the financial markets would react strongly in the coming days, especially to an indication of moderation in interest rates.

The decisions, he said, require orderly functioning of the commodity, financial and foreign exchange markets. He stressed the need for a timely institution of an economic team to ensure proper coordination of especially fiscal policies.

“Capital Market will experience a boom, as more investors and public companies approach the market to take advantage of a new era. We hope to see improvement in capital inflow and more private-sector involvement in economic activities. It is important we wait for further announcement, though,” he noted.

Vice President of Highcap Securities, David Adonri, said the President’s speech addressed three critical areas of national need – insecurity fuel subsidy and unification of the exchange rates. Adonri maintained that his remedial plans to tackle the challenges could boost the economy and attract investments.