In the midst of global uncertainty, a new era of capital market growth is evolving in Nigeria, driven by innovation.
This was the submission of critical stakeholders at the inaugural NGX Capital Markets Conference held in Abuja and headlined by Vice President Yemi Osinbajo.
Stakeholders at the conference with the theme, “The Future Ready Capital Market: Innovating for Nigeria’s Sustainable Recovery” firmly noted that the nation capital market has huge and existing prospects which must me leveraged to grow the nation’s economy.
As a hybrid event (physical and virtual), the conference brought together policymakers, government, financial experts, business leaders, investors, international development partners, regulators, and other market stakeholders, to share insights and broaden the thinking needed for greater capital flows through innovative sources of financing.
Vice President Yemi Osinbajo said an innovative capital market will help reverse the trend of declining IPOs while also positioning the Exchange for global competitiveness.
He sees the need for Nigeria to decisively deal with barriers to entry into the market.
“We must commend the SEC for steady regulatory oversight of the market. We must work to ensure that when policy may be involved, we must encourage and not to hamper these companies coming into the market.”
The VP noted that the NNPC should make good its promise to get listed, adding ” we certainly look forward to it fulfilling listing promise”.
“The capital market undoubtedly has a key role in mobilising needed resources to critical sectors of the economy,” the VP noted. To re-usher in foriegn portfolio investment into the country, he noted that government must work with the NGX to ensure that the foriegn investors return adding that Nigeria has an important need to advance the nation’s capital market like never before.
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Zainab Shamsuna Ahmed, Minister of Finance, Budget and National Planning during the plenary session on “driving government’s economic growth plans through the capital market,” noted that using a digital platform will enhance more participation in the Capital Market.
Lamido Yuguda, DG SEC noted that Nigeria, like other countries across the globe experiences weak growth, driven by the pandemic, adding that “Innovation plays a critical role in the development of the Capital Market”. He noted that the SEC has strengthened its market regulations to mitigate some of the risks emanating from market innovations.
Femi Gbajabiamila, speaker, House of Representatives said at the conference that Capital Market is the lifeline of commerce activities, adding that government has the responsibility of ensuring free flow of capital. “The capital market is critical to accelerating growth to reduce poverty.”
Ibikunle Amosun, chairman, Senator Committee on Capital Market who represented the
Senator President Ahmad Lawan said “A country with a robust capital market will be economically productive. The future-ready capital market represents the market of our dreams. I’m confident that the outcome of this conference will be useful for the development of the Capital Market and the nation.”
Muhammadu Sanusi II 14th Emir of Kano said at the conference that a deeper and more efficient capital market can be more efficient in mobilising capital flows to critical sectors of the economy. His words: “An effective capital markets cannot be overemphasised”.
The conference focused on three main points: Driving Capital Market Recovery through Policy Advocacy; Driving the Government’s Economic Growth Plans Using the Capital Market; and The Role of the Private Sector in Growing the Capital Market.
Karl Toriola, CEO, MTN Nigeria told the participants that the leading Telco has since inception been creating value for shareholders by paying about N2.3trillion as dividend. He noted that MTN which is currently in the market for share sale has also paid about N2.9trillion in taxes and levies while its capital investment in Nigeria is in excess of N3.2trillion.
Also speaking, Abdul Samad Rabiu, chairman BUA Group noted the need for increased collaboration between all stakeholders in the market.
Temi Popoola, Chief Executive Officer, Nigerian Exchange (NGX) said: ” We are confident that this conference will inspire capital market players to champion innovation and transformation in the capital market, sustain policy advocacy to build a vibrant capital market and pursue emerging technologies and digital innovations to deepen retail investment and domestic participation in the Capital Market, with NGX at the forefront.
