The Chairman of the Securities and Exchange Commission, Dr Suleiman Ndanusa, has said that the realisation of an integrated capital market within the West African region by 2016 is feasible.
Speaking at a meeting in Abuja, Ndanusa said that recent economic realities at the international market should be seen as an opportunity by countries in the region to boost activities in the capital market through the adoption of policies that are in the interest of the sector.
He said harmonisation of market processes and financial literacy remains key to achieving its objective of capital market integration.
Representatives of capital market institutions in the West Africa sub region gathered at a meeting to fast track the development of the market through the adoption of regional protocols.
Besides the decreasing prices of oil at the international market, security threat and differences in currencies among countries in the sub region appear to be a challenge to the attainment of the 2016 deadline.
However, many experts at the gathering highlighted great economic potential for the region through the capital market.
The Chairman of the Securities and Exchange Commission outlined some of the benefits of the creation of an integrated capital market which he said would serve as a catalyst to the growth of other sectors.
The Director-General, West African Monetary Institute, Dr Abwaku Englama, as well as the Chairman/C.E.O, Nigeria Stock Exchange, Oscar Onyema, also took turns to give their analyses of the economic potentials and how the dream would be realised in the days ahead.
Major economic reforms may be necessary if member countries of the West African Monetary Union are to attain a single currency by the year 2015.
According to the Acting Director General of the West African Monetary Institute; Mr John Kitcher, the performance of the six-member states on its macro-economic convergence list was not impressive especially in the first half of 2012.
Addressing a technical committee meeting of the union in Abuja, Mr Kitcher said inflation and its fiscal deficit criteria were the most challenging for its member countries made up of Nigeria, The Gambia, Guinea, Sierra Leone, Ghana and Liberia.
The Acting Director General of the West African Monetary Institute, Mister John Kitcher has called for major economic reforms amongst countries of the West African Monetary Union for the attainment of a single currency by the year 2015.
Addressing a technical committee meeting of the union in Abuja, Mister Kitcher said that the performance of the six member states on its macro-economic convergence list was not attained especially in the first half of 2012.
He said that inflation and its fiscal deficit criteria were the most challenging for its member countries which includes Nigeria, Gambia, Guinea, Sierra Leone, Ghana and Liberia.
While highlighting the success made so far by member countries in tackling the effects of the global economic recession and the Eurozone debt crisis, Kitcher listed major economic indicators that are likely to serve as a setback to the realisation of this goal.
However, the Minister of State for Finance, Mister Yerima Ngama and the deputy governor in charge of Economic Policy at the Central Bank, Missus Sarah Alade expressed optimism for member countries.
Both believe there is hope of achieving the goal of a uniform currency for the region, if the revenue mobilisation is strengthened and rationalisation of expenditure is achieved.