Former Commonwealth Secretary-General, Mr Emeka Anyaoku has warned the Federal Government against joining the plan by some members of ECOWAS to adopt a common currency, the ‘Eco’, saying such a move was premature.
Anyaoku who spoke in Lagos when the Principal Officers of the Chartered Institute of Stockbrokers (CIS) visited him on Wednesday said the policy should not be rushed.
He argued that it took European countries many years to achieve common currency and the management of fiscal policies of the member countries must be studied.
Speaking on the closure of the border, the former Commonwealth scribe said the opportunities created by the closure would be used to protect our local industries and stimulate economic growth.
But he cautioned that border closure should not be a permanent decision.
Anyaoku urged all levels of government in Nigeria to take advantage of long-term investment opportunities in the capital market to raise funds for development projects.
He said governments around the world especially in developed economies utilise the capital market to fund infrastructure projects.
He noted that there was a growing need for the Federal Government to mobilise private capital through the market to raise long term fund for infrastructure development.
According to him, “The capital market has important roles to play in the national economy; the managers of the capital market and the operators play pivotal roles. Developed countries did not just develop on the basis of government funding alone, but participation of the private sectors.
“I am happy that the Central Bank of Nigeria (CBN) is collaborating with Bankers Committee on how to fund the huge infrastructure gap in Nigeria through Public Private Partnership (PPP). Many big companies in Nigeria are performing below average because of lack of resources.
“The resources provided by the government are inadequate. There is the need for mobilisation of private capital to enable the companies operate optimally,” he added.
Speaking earlier, the CIS’ President and Chairman of Council, Mr Adedapo Adekoje, said the visit was in recognition of Anyaoku’s service to the country.
Adekoje added that the visit was to seek his participation in the institute’s activities as an elder statesman.
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