They told the News Agency of Nigeria (NAN) in Lagos that with barely one year to the deadline, the targeted capitalisation would not be achievable following current market realities and national economic challenges.
According to them, the dwindling oil price, insecurity, uncertainties of the 2015 general elections, non-listing of multinationals and exit of foreign portfolio investors will impact negatively on the NSE projections.
Mr Emeka Madubuike, President, Association of Stockbroking Houses of Nigeria (ASHON), said that the target was set based on certain parameters which centered on anticipated increase in new listings.
Madubuike said that the parameters include increase in the number of new listings across five asset classes, increase order flow in the five asset classes and operating of a fair and orderly market based on just and equitable principles.
He said that the current national economic realities in the capital market were beyond the exchange, adding that the target would only be attainable if the parameters were met.
The ASHON boss said that government needed to take the market as the critical part of the economy to achieve set goals.
"We hope that elections will come and go for people to ascertain the direction of the economy and the market," Madubuike said.
Mr Harrison Owoh, the Managing Director, HJ Trust and Investment Ltd., said the rising security challenge would be a hindrance to the NSE’s projections.
Owoh said that economic and political stability and friendly investment laws were paramount to the attainment of the one trillion market capitalisation by 2016.
He said that the target would not be achieved without the listing of multinationals on the exchange.
Owoh called for tax incentives to encourage more listings on the nation's bourse.
He said that government should pay more attention to infrastructure development for sustainable economic growth.
He noted that poor national infrastructure base had raised the cost of business and lowered most companies’ survival rate.
Owoh said that the target could only be achieved through friendly operating environment and listing of multinationals.
Mr Olaleye Williams, the Managing Director, GlobalView Consult and Investment Ltd., said the target would be achieved through listing of highly capitalised companies on the bourse.
Williams said the country needed to surmount its present challenges to achieve the target, adding that the economy had remained standstill due to political issues.
He said the Federal Government should look for other streams of foreign exchange, adding the country would not grow with a mono-product.
Williams said that NSE was working hard to ensure attainment of the target.
"The NSE is working hard to meet the target and we hope that fallout of the NSE Asian road shows will bring in more investors to the market," Williams said.
He said that the market would experience a rebound when the price of oil stabilises.
NAN reports that Mr Oscar Onyema, the Chief Executive Officer of NSE, had in 2012 projected that the NSE would attain the one trillion dollars market capitalisation by 2016.
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