Beyond Capital Raising, Stockbrokers Demand Real -Economy Impact, Growth
The Chartered Institute of Stockbrokers (CIS) has called for a stronger connection between Nigeria’s capital market and the real economy, urging policymakers and market operators to measure success not only by funds raised and market capitalisation but also by job creation, industrial growth and improved household wealth.
Saheed Bashir, Chairman of the Conference Committee of the Institute, said Nigeria must move beyond capital mobilisation to ensure that funds raised through the capital market translate into productive investments and measurable economic prosperity.
Bashir made the call ahead of the 30th Annual Stockbrokers’ Conference, scheduled for November 4 – 5, 2026, at Harbour Point, Victoria Island, Lagos, with the theme, “From Capital Mobilised to Prosperity Realised.”
He said although Nigeria’s capital market had demonstrated its capacity to mobilise substantial funds, the critical challenge was ensuring that the resources financed productive activities capable of driving sustainable economic growth.
“The central message is that capital mobilisation should not be regarded as an end in itself. Nigeria has demonstrated that its capital market can mobilise substantial funds, but the more important question is what those funds ultimately achieve in the real economy,” Bashir said.
According to him, the impact of capital-market activities should be assessed through indicators such as employment generation, industrial output, infrastructure development, small and medium-sized enterprise financing and household wealth, rather than market capitalisation and transaction volumes alone.
He noted that a rising stock-market index or increasing market valuation, while encouraging, did not automatically translate into improved living standards.
Bashir explained that the Institute was advocating a more deliberate alignment between capital-market activities and Nigeria’s development priorities, particularly in infrastructure, manufacturing, agriculture, housing, energy and small businesses.
He also called for deeper mobilisation of long-term domestic savings, with pension funds, insurance companies and other institutional investors encouraged to support productive assets and long-term investment instruments.
The CIS conference chairman stressed that macroeconomic stability, predictable government policies and sustained investor confidence were essential to attracting and deploying long-term capital effectively.
DANGOTE REFINERY IPO OFFERS LESSONS
Addressing concerns about whether Nigeria’s growing market capitalisation and landmark transactions were translating into economic prosperity, Bashir said the Institute remained optimistic about the market’s prospects but believed its expanding capacity presented an opportunity to demand greater economic impact.
He cited the Dangote Refinery initial public offering (IPO) as an example of a transaction whose significance should extend beyond the amount of capital raised
According to him, the transaction’s contribution should also be assessed by its impact on refining capacity, employment, industrialisation and broader economic activity.
“The success of the transaction should therefore be measured not only by the amount raised but also by what the investment contributes to refining capacity, employment, industrialisation and the wider economy,” he said.
Bashir added that government and regulators must treat the capital market as a strategic instrument for financing national development rather than merely a platform for trading securities.
He called for stronger coordination among the Federal Government, Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), National Pension Commission (PenCom), National Insurance Commission (NAICOM), securities exchanges and market intermediaries to develop financing products for infrastructure, housing, energy, manufacturing and other productive sectors
He further emphasised the need for effective regulation, strong investor protection and a regulatory framework capable of adapting to technological developments and changing global market practices.
STOCKBROKERS URGED TO EMBRACE DEVELOPMENT ROLE
Bashir said stockbrokers must expand their traditional role of executing securities transactions to become active participants in capital allocation and national economic development.
He explained that stockbrokers connect investors with surplus funds to businesses and governments seeking long-term financing, thereby influencing the sectors and projects that receive investment.
He urged practitioners to strengthen research, understand the businesses they advise and help companies access the capital market while improving corporate governance and investor communication.
“Stockbrokers must see themselves as partners in national economic development, not merely as market operators,” he said
On attracting domestic and foreign investment, Bashir identified credible research, transparent investment advice, efficient transaction execution and international-quality service as critical requirements.
He also highlighted digital onboarding, reliable trading platforms, cybersecurity and timely information as important to meeting investor expectations, particularly among Nigerians in the diaspora and foreign investors seeking exposure to Nigerian assets.
According to him, investors need returns, access and trust, with stockbrokers playing a significant role in delivering all three.
CIS TARGETS PROFESSIONAL EXCELLENCE AND INNOVATION
Bashir said the Institute’s responsibility extended beyond certifying professionals to ensuring that members maintained high standards of competence, ethics and professionalism.
He noted that the CIS was committed to developing practitioners equipped to understand complex financial products, global investment trends, sustainability, technology and evolving investor needs.
He added that the Institute would continue contributing to national economic policy discussions through research, conferences, professional development and engagement with regulators and policymakers.
Looking ahead to the next three decades of the profession, Bashir identified professional excellence, ethics, technological innovation, financial inclusion and global competitiveness as strategic priorities.
He said stockbrokers must embrace digital platforms, artificial intelligence, data analytics and cybersecurity while maintaining appropriate safeguards.
He also called for broader retail participation through financial literacy, improved digital access and innovative investment products, alongside stronger research, governance and service-delivery standards to position Nigerian practitioners to compete internationally.
CONFERENCE TARGETS ACTIONABLE RECOMMENDATIONS
Bashir said the 30th Annual Stockbrokers’ Conference was expected to generate practical recommendations capable of influencing policy and advancing market development.
He listed key areas for deliberation as strengthening the link between capital mobilisation and productive investment, increasing retail participation, deepening institutional investment and expanding the pipeline of quality listings.
The conference will also examine lessons from landmark capital-raising transactions, including the Dangote Refinery IPO, to identify models that could be replicated to finance productive economic activities.
He expressed the expectation that the gathering would reinforce a shift in the profession’s approach to measuring market performance.
“Most importantly, we want to reinforce a new mindset within the profession: the success of Nigeria’s capital market should ultimately be measured by the prosperity it helps create,” Bashir said.
