CBN Urged to Halt Bank Investments in Stock Market

Ike Chioke, the Group Managing Director of Afrinvest West Africa, has called on the Central Bank of Nigeria (CBN) to ensure that banks do not invest fresh capital in the stock market. In an interview, he highlighted the necessity for Nigeria to achieve double-digit GDP growth, specifically between 12% to 15% annually, to reach its ambitious target of a $1 trillion economy by 2031.

Chioke pointed out that Nigeria's current GDP growth momentum is insufficient, forecasting that without significant improvements, the GDP will only reach approximately $550 billion by 2031, far below the $1 trillion goal. He noted that achieving this target would require maintaining a growth rate above 25% until 2031.

Chioke also discussed the importance of fiscal discipline and the need for state governments to access the capital market effectively to raise funds, emphasizing that the Nigerian economy must focus on improving revenue and reducing expenditures to support growth.