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NIM seeks measures out of FX challenges

by Business News Report

The Nigerian Institute of Management Chartered (NIM) says a more holistic and proactive approach is critical to addressing Nigeria’s foreign exchange challenges and reinvigorating the economy. NIM President, Dr Christiana Atako, said this at the Pre-39th Omolayole Management Lecture(OML) news briefing on Wednesday in Lagos. The annual lecture, scheduled for Sept. 28, is in honour of a doyen of management in the country, Dr Michael Omolayole. The event, with the theme: ‘The Interplay between Capital Markets and Economic Growth: Exploring the Dynamic Relationship’, has Mr Kyari Bukar, Managing Director, Africa Operations, Inlaks Ltd., as the keynote speaker. The NIM President urged the government to strategically leverage the strength of the Nigerian Capital Market to address the foreign exchange crisis.

Atako, however, stated that experts must address the issue in totality; how it started, where it is currently and consider every index in dealing with such complexity. She noted that the theme was apt and critical because of the symbiotic relationship between capital markets and economic growth. The NIM president explained that the annual lecture, beyond being a tribute to Omolayole, would be a clarion call to policymakers, industry stakeholders, academicians, and the media to engage. She said the event would provide the platform to craft a blueprint for a future, where capital markets and economic growth march in embrace toward shared prosperity.“We note the steps that the current administration has taken to preach the safety and security of the business environment in the country. The most important thing now is to find a way to ensure the foreign exchange crisis does not escalate. “Previous OMLs have impacted many policy formulations based on the need of the country at the time and so this time, we are looking at how we can leverage the capital market to address some economic concerns.

“NIM would continue to be the source and symbol of management excellence and in making an impact on governance, while addressing contemporary issues germane to nation building,” she said. Also, Ms Bunmi Abejirin, President, International Association of Students in Economics and Commercial Sciences (AIESEC) Alumni, pointed out that the Nigerian Exchange Ltd. (NGX) has experienced a twelve-year high. This, she said, was a pointer to the happenings in that sector. Abejirin stated that the 39th OML would unveil how the NGX All Share Index (ASI) would impact individuals and businesses. While the government is doing all it can to address foreign exchange issues, Nigerians must consciously cut their roles in the crisis by beginning to have a taste for everything made in Nigeria,” she said. (NAN)

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