The capital market is a veritable tool for enhancing entrepreneurship in any economy, said Chartered Institute of Stockbrokers (CIS). Acting President and Chairman of Council, CIS, Mr. Oluwaseyi Abe, said this in his opening address at the 19th annual stockbrokers’ conference themed: ‘Entrepreneurship and the Capital Market: Fast Tracking a New Economy for Africa’
Abe, who said that the African continent can break out from the vicious cycle of poverty into prosperity when entrepreneurs and governments develop a dominant and pervasive culture of financing ventures and projects through the capital markets, stated: “Among other advantages, the capital market mechanism optimally allocates capital and enhances economic performance.
It provides a window through venture capitalism for the growth of small and medium scale enterprises and catalyzes industrial growth faster. It engenders pro-poor growth through greater employment opportunities, creates greater opportunities for home ownership and promotes macro- economic stability.”
He added that the theme of this year’s conference is indicative of its pan- African sentiment, saying that the theme and sub-themes were conceived to enlighten African businesses, entrepreneurs and governments on the way forward to fast track new and prosperous economies across the continent.
He said, “We believe this can be achieved through optimal utilization of the instrumentality of the capital market to finance and drive entrepreneurship.
“The importance of entrepreneurship and entrepreneurs in economic development cannot be overemphasized. Entrepreneurship has been defined as the capacity and willingness to develop, organise and manage a business venture along with any of its risks in order to make a profit. It is also a journey of opportunity exploration and risk management to create value for profit and /or social good.”
On his part, the CEO, Nigerian Stock Exchange (NSE) Mr. Oscar Onyema, said: “Over the last decade, the main driver of economic growth across the African continent has been growth supported by private sector activities. However, many African countries are struggling with poverty, homelessness, crime, unemployment and non-inclusive growth.
This increase in the levels of social inequality and environmental degradation has accentuated the importance of a more inclusive model of progress. “With the growing understanding that these societal problems cannot be solved or prevented only by the government or development organizations, some businesses, business leaders and talented individuals have tried to transform capitalism to use the market to solve social problems.”
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