Private sector has most capital to drive economy, says Elumelu

As the stakeholders’ forum on “Realising the full potentials of the Nigerian economy through proactive capital market legislation” continues to attract interest, the Chairman, Heirs Holdings, Tony Elumelu, yesterday assured that the private sector is capable of providing the most capital needed to drive the economy.

According to Elumelu: “The private sector has the most capital to drive the economy and must take over the role that the government has wrongly assumed over years.”

Elumelu, who presented a keynote paper on “Deepening the capital market to include privatised and systematically important entities” in one of the technical session said for this to happen, the government must focus on its proper role in creating, improving and strengthening the enabling environment for business in the country.

On the current situation in the country, Elumelu said that many state-owned enterprises have been privatized, but only a few are listed on the market post government sale such as Transcorp Hotels and a few others, adding that corporations such as the IOCs and Telcos were yet to be listed, thereby depriving Nigerians a lot of benefits.

‘’National oil companies and Telecom companies has not yet been quoted or listed in the Nigerian Capital Market, so, our people do not have access to invest in these sectors, my advice is that it is important that these two sectors are listed, so that you create all round interest and the prosperity shared by the majority.”

He said government should use incentives like tax holidays ease capital remittance, reduction of transmission costs to encourage them to list in the Nigerian Capital Market.

Also in a presentation, the Chief Executive Officer of The Nigerian Stock Exchange said that the demutualization of the Exchange will be beneficial to all stakeholders.

“Demutualization will support the economy in its ability to withstand domestic and international economic shocks, it will also support the Federal Government in driving Nigeria’s economy,” he stated.