IAPM calls for revenue diversification
IAPM calls for revenue diversification
August 18, 2015 : Simon Ejembi 0 Comments
Managing Director, Continental Reinsurance Plc, Dr. Femi Oyetunji
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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