Capital

Some capital market experts on Tuesday decried delay in the release of economic roadmap by the Federal Government Economic Advisory Council (EAC).

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The experts, who said this in an interview with the Newsmen , were reacting to the persistent lull in the nation’s bourse and the economy in general.

EAC, which was constituted on Sept. 16, replaced the Economic Management Team (EMT), headed by Vice President Yemi Osinbajo.

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The functions of EAC, chaired by Prof. Doyin Salami include fiscal analysis, economic growth and a range of internal and global economic issues, among others.

Mr Ambrose Omordion, Chief Operating Officer, InvestData Ltd., said that it was taking so long for EAC to provide the needed guideline or economic roadmap that would begin activities in the country.

Omordion said that the uncoordinated fiscal and monetary policies had kept many foreign and domestic investors on the side line.

He tasked EAC to come up with policies that would encourage and attract investors to the market and the economy in general.

Omordion also called for incentives such as reducction in cost of transaction and tax holiday to boost new listing at the Nigerian Stock Exchange (NSE).

He added that listings requirements should be more flexible to attract new companies.

Also speaking, Prof. Sheriffdeen Tella, Professor of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun said that the EAC needed to ensure quick review of economic policies in line with their mandate.

Tella said that investors must have confidence in the economy for things to turnaround.

He urged the Securities and Exchange Commission (SEC) to continue to woo new entrants into the market such as multinationals, Distribution Companies and telecommunications firms, among others.

According to him, the continuous bearish trend in the capital market can be linked to global sluggish economic activities and domestic economic hardship affecting production and consumption.

Vanguard

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