Portfolio Managers Stress Need to Diversify Nigerian Economy

Goddy Egene Thursday, August 20, 2015, President of IAPM, Dr. Femi Oyetunji, said considering the state of the global economy, in which the price of crude oil continued to fall, it is now more compelling for Nigeria to diversify its economy sources of revenue.

According to him, it is no longer advisable to focus on oil as the mainstay of the nation’s economy. Oyetunji, who is also the Group Managing Director of Continental Reinsurance Plc, said as part of association’s contribution to the economic diversification efforts, IAPM chose “Revenue DiversificationThe bedrock of sustain economic growth” as the theme of this year’s forum.

Speaking further on the theme, the Vice President, IAPM, Mrs. Oluwatoyin Sanni, said

when it comes to sources of revenue for the government, 90 per cent comes from crude oil sale, noting that the country is not an oil company, hence the need to look at other sources of revenues other than oil.

“We are not a oil company. We are a country and we need to begin to demonstrate that we are a nation. Our people have already demonstrated that they are productive across all broad range sectors like manufacturing, agriculture,technology, 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.

Sanni, who is also the Group Managing Director, United Capital Plc,disclosed that the association has invited a very knowledgeable and experienced industry operator in the person of the Chairman of Lead Capital Group, Mr. Abimbola Olashore as as guest speaker.

“We also have other speakers(panelists), who will discuss the paper. They include: Managing Director/ CEO, Proshare Nigeria Limited, Mr. Femi Awoyemi; Permanent Secretary, Lagos State Debt Management Office, Mrs. Olanowale Ademola; MD/CEO” Stanbic IBTC Nominees Limited, Mr. Akeem Ojewale, MD/CEO, Partnership Investment Plc,Mr. Victor Ogiemwonyi and my humble self,” she said.

Sanni added that the Director General of the Securities and Exchange Commission(SEC), Mounir Gwarzo will be the special guest of honour, CEO of the Nigerian Stock Exchange, Mr. Oscar Onyema among others will grace the while Oyetunji will be the chief host.