Mrs. Bisi Bakare, the National Coordinator of Pragmatic Shareholders Association of Nigeria (PSAN) is one woman that is very passionate about the survival of Nigeria economy.
In a special Interview with the Editor of Skybirdnews Group, Mr. Charles Nwaoguji, recently, Mrs. Bakare, says the only way to grow the economy, there is urgent need for the government to take the issue of diversification serious.
She said, “ the Covid-19 pandemic has really made naked of us and there is definitely need to start looking inwards for other things that can drive the economy from the impending recession,”
Bakare further stated that this pandemic has really brought untold hardship on businesses especially as it relates to what we do. The restriction in movement has made logistics difficult in terms of distribution of goods & services.
“Government should invest more in creating palliatives & business incentives to SMEs, conducive business environment in the area of power, cheap access to internet, digitization of processes by removing bottlenecks in the ease of doing business in the country,” Mrs. Bakare added.
In this interview, she spoke on the Nigeria economy, COVID-19 issues effects of lock down on businesses, Challenges facing d stock exchange market in Nigeria and other issues.
There is an urgent need for our government to take the issue of diversification serious away from the mono economy that we run where Crude Oil has been the key monetary driver. The Covid-19 pandemic has really made naked of us and there is definitely need to start looking inwards for other things that can drive the economy from the impending recession. Agriculture, ICT and Creative industry among many other areas need to be given the needed attention.
Effects of lock down on Businesses
There is no gainsaying that this pandemic has really brought untold hardship on business especially as it relates to what I do. The restriction in movement has made logistics difficult in terms of distribution of goods & services. Our customers’ attentions have also been diverted as many are not even thinking of what we sell or offer. Their thoughts at this hour is on how to survive with the little resources at their disposal on essential needs.
Challenges facing d stock exchange market in Nigeria
The Nigeria Stock Market has so many challenges that have made it not to be the toast of investors as we used to have in the past. Dome of the issues are policy somersaults of government, over bearance nature of regulators on listed companies through some unnecessary fines and penalties which affect such the bottom line of such companies and consequently lead to inablity to pay little or no dividend, lack of proper enlightment education on investment, the harsh economic condition that has made people to have enough to be able to invest, lack of simplicity & transparency in process by some Capital market players such as Stockbrokers & Registrars.
How to tackle these challenges
There is need for government to develop favourable policies for the investors and other players that will create the enabling environment for transparency, digitization, simplicity to processes etc
Govt. needs to pay attention to the sector
If government pays attention to the sector, confidence level of investors will be boosted and this will definitely lead to astronomical rise in investment across various channels and opportunities. Jobs will be created as companies seeking funds to grow will have great input from the fund providers (investors.)
Why Govt. must invest heavily in capital market
Government should invest more in creating palliatives & business incentives to SMEs, conducive business environment in the area of power, cheap access to internet, digitization of processes by removing bottlenecks in the ease of doing business in the country. Review and redesign its fiscal policies among other things.
Covid-19 has indeed brought so many disruptions that have become the new normal. It has changed the way we interact, conduct business and the urgent need to start embracing digital process in all that we do in order to still stay relevance.
Advice to Govt. on reviving Stock Market
My advice to government is simple and straight forward. Let develop ways to encourage our indigenous investors to show interest in the market so that when the foreign investors are planning to exit, our market won’t suffer for it. What has happened in the past and presently should be able to be used as yardstick for my assertion. Any time the foreign investors sneeze, the market suffers for it. This should not be so. We have great investors here in this country. Government needs to be proactive in driving the enabling environment for local investors to come out in full force on our market.