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PPP, a Viable Solution to Economic Growth and Infrastructure Deficit 

-Sen. Izunaso

...Tita Onyebuchi Nze, >Abuja<

The Chairman Senate Committee on Capital Market and member representing Imo West Senatorial District, Distinguished Senator Osita Izunaso has described vibrant Public-Private Partnerships as viable solution to challenges facing Nigeria's economic and infrastructure deficit.

Senator Izunaso made the assertion during his remarks as Special Guest of Honour at the 2023 edition of the Chartered Institute of Stockbrokers' (CIS) Annual Workshop, which took place, Thursday, September 7, 2023, at Transcorp Hilton Hotels, Abuja.

The Senator said Public-private partnerships (PPPs) are effective ways to maximizing combined strengths of the public and private sectors, to deliver essential infrastructure, services and projects in the economy. 

He emphasized that Capital Market, the world over, is a backbone, that provides businesses and financial resources needed to grow any economy, with the capacity of creating massive job opportunities, that inturn translate into rapid economic growth; saying that, "Nigeria's infrastructure deficit is a major challenge to the nation's economy, which Public-Private Partnerships can offer viable solutions". 

Senator Izunaso said, Nigeria's capital market is still far lagging behind, lamenting that the unimaginable small number of companies as currently listed in the Nigeria's Stock Exchange is far less compared to major international Exchanges. 

He congratulated the President of the CIS, his Council members and the entire community of City Gentlemen for successfully hosting the 2023 National Workshop, stating that the theme of the Workshop captioned, "Leveraging the Capital Market to Drive Public-Private Partnership (PPP) for Effective National Economic Growth," is coming at a time Nigerian economy is witnessing weak growth.

He expressed confident that the workshop will offer members great opportunity to examine challenges facing the Stock Echange and Capital market which are inimical to PPP, with a view to proffering actionable solutions, reminding participants of the vital roles Stockbrokers play in the country’s financial system, which he said can make or mar the capital market built on public trust.  

Senator Izunaso however, assured that 

"The new administration of President Bola Ahmed Tinubu is firmly committed to promoting Private Sectors, as engine of economic growth in the country, stating that President Tinubu has left no one in doubt of his capacity in that direction by encouraging operations of PPP in the power sector in all the States of the federation and recently commissioning a PPP power project in the FCT involving a Chinese Firm and Nigerian government".

The Capital Market Committee Chair, commended the Institute for the establishment of CIS Academy, describing it as landmark and a step in the right direction, saying it will go a long way creating adequate awareness and enlightenment necessary for robust sensitization on capital market.

Concluding, Senator Izunaso said, he is aware that enabling legislations are needed to strengthen some policies required to drive the system, like the Capital Market Master Plan 2021- 2025, outstanding Bills before the National Assembly, including Bill to amend the Investment and Securities Act of 2007, promising that his Committee on Capital Market will leave no stone unturned in supporting any Bill that will enable the realization of full potentials of Stock Exchange and the Capital market. ■END

- CPS,

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