The Association of Investment Advisers and Portfolio Managers has called for the diversification of the Nigerian economy to avoid a repeat of the current downturn in the economy.
According to the association, the diversification of the economy is the only way of guaranteeing sustainable economic growth.
The President, IAPM, Dr. Femi Oyetunji, made the call at a briefing in Lagos ahead of the association’s annual forum.
Oyetunji explained that in view of the challenges in the global economy, owing largely to the slump in crude oil prices, it had become imperative for the country to diversify its economy.
According to him, it is no longer advisable to focus on oil as the mainstay of the nation’s economy.
The Vice-President, IAPM, Mrs. Oluwatoyin Sanni, explained that as part of efforts to diversify the economy, 2015 IAPM forum, which is scheduled to hold on Thursday, would have the theme, ‘Revenue diversification – The bedrock of sustainable economic growth.’
She explained that although there was a good spread in terms of the contributions of different sectors to the country’s Gross Domestic Product, when it came to sources of revenue for the government, 90 per cent of it was from crude oil sale.
In view of that she said, “We are not an oil company; we are country and we need to begin to demonstrate that we are a nation. Our people have already demonstrated that they are productive across a broad range of sectors like manufacturing, agriculture, technology, and services.
“The challenge before the country is for the government to find a way to track and broaden government revenue across the productive areas of the economy.”
She said the association had invited the Chairman of Lead Capital Group, Mr. Abimbola Olashore, who is a very knowledgeable and experienced industry operator, as guest speaker at the forum.
According to her, the Director-General of the Securities and Exchange Commission, Mr. Mounir Gwarzo, will be the special guest of honour, while CEO, Nigerian Stock Exchange, Mr. Oscar Onyema, is also expected to attend the event.
Formerly known as Association of Pension Funds and Investment Managers, the IAPM was formed in 1981 by corporate bodies including portfolio/asset managers, trust corporations, pension fund managers, banks, insurance firms, among other related organisations.
The aim of the association is to promote professionalism in the practice and administration of investment management advisory in Nigeria.
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Source : Punch