As companies prepare for economic activities after covid-19, DataPro, a credit rating agency (CRA) has concluded plans to host a webinar with a focus on credit rating and post-covid economic recovery, said Abimbola Adeseyoju, CEO DataPro.
Being the first edition and themed ‘Post-Covid Economic Recovery: Credit Rating Imperatives for Issuers and Investors,’ the virtual conference will take place next Thursday 14, October in conjunction with the Association of Issuing Houses of Nigeria (AIHN).
“We believe this webinar with AIHN will bring about important perspectives that we can use going into the new normal. We need to move on with our lives after covid,” Adeseyoju told journalists at a press briefing on the event.
Following heavy economic disruptions occasioned by the pandemic, the Nigerian government intervened with a lot of palliatives and intervention measures to prevent the economy from total collapse.
The country’s apex bank, CBN also did its best in terms of making sure that a lot of the manufacturing companies, especially those that have to do with pharmaceuticals and those that support the health industry are alive, according to Adeseyoju.
However, he said the government is winding up with some of those palliatives now and companies need to now learn how to live after covid-19.
“So, we need to understand what the credit rating agency can do to ensure that the funding and the capital that is needed for the manufacturing companies are available out there because the government is not going to continue that interventionist approach,” he said.
Adeseyoju also said the country needs to move forward in the Small and Medium Scale Enterprises (MSMEs) in terms of understanding how agencies can also help them access capital.
According to him, while the Bank of Industry and Development Bank of Nigeria have been established to fund them, there are certain criteria they need to fulfil before they can access the funding.
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SMEs contribute significantly to a country’s economic development. A greater percentage of Nigeria’s economy is within that sector, hence, Adeseyoju believes that the rating agency also plays a very crucial role in making sure that these MSMEs are able to access the market.
The webinar, in general, aims to bring to the fore the important role Credit Rating Agencies play in Economic Recovery efforts; enlighten the key stakeholders in the capital market about new and emerging trends, patterns, risks, and opportunities within the credit rating Industry.
Additionally, it seeks to develop the market for Solicited and Unsolicited Ratings in Nigeria, and to showcase DataPro’s FinTech Rating Solutions, the “New Look” Rating Report and Rating Guide Platform.
“We redesigned rating report in line with the realities and also, introduce some of the new technologies because rating is becoming more sophisticated and more scientific,” Adeseyoju intoned.
A Credit Rating Agency evaluates the creditworthiness of obligors. DataPro was licensed as a Credit Rating Agency (CRA) in Nigeria in 2004 by the Securities & Exchange Commission (SEC). The Business Model adopted by DataPro when it was established in 1995 was essentially made possible by the Dun and Bradstreet franchise secured at inception.
For this maiden edition, the webinar will welcome Bola Onadele, CEO, FMDQ as the keynote speaker, while goodwill messages will be delivered by Lamide Yuguda, director-general, SEC; Patience Oniha, director-general, DMO, and others.
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