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Nigeria’s capital market key to economic growth –Sanusi

A former Governor, Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has said that Nigeria’s capital market remains a viable option to grow the nation’s economy. He urged government to strengthen the capital market and leverage public private partnership (PPP) arrangement to enable it play the huge role for project execution, grow the Small, Micro Enterprises (SMES) as well as create massive jobs for the people.

Sanusi, who is also a former Emir of Kano, stated this in a virtual remarks to the NGX Capital Markets conference held in Abuja. The Nigerian Exchange Limited is a wholly-owned subsidiary of the Nigerian Exchange Group (NGX), a leading listing and trading venue in Africa, with its history dating back to 1960 when the Lagos Stock Exchange was established.

He stated: ‘’We must rise to the challenge by collaborating with the capital market where good funds could be sourced to create jobs and expand the nation’s economy” The first Nigeria Exchange (NGX) Ltd capital market conference has as its theme: ‘’The future Ready Capital Market Innovating for Nigeria’s Sustainable Recovery.” Declaring the conference open, the Vice President, Prof. Yemi Osiabanjo, urge NGX to focus and leverage new players in the industry. He also challenged NGX to assist in the promotion of technology in its operation that will stand the test of time in the globalised world.

He assured that the Federal Government would continue to support the capital market because of the crucial role it can play in repositioning the nation’s economy.. In his remarks, the Chairman, Nigerian Exchange Limited (NGX), Mr. Abubakar Mahmood, said that the organisation was presently operating as an open professional, vibrant exchange connecting Nigeria, Africa and the world. He said: ‘’As a multiasset exchange , NGX provides a home to the best of Africa enterprises , listed on our Premium, Main and Growth Boards, diverse, fixed income securities, exchange traded products, mutual and other investments funds.’’ He noted: ‘’According to the Organization for Economic Co-operation and Development [OECD] external private finance inflows to developing economies could drop by $700 billion in 2021 compared to 2019 levels, exceeding the immediate impact of the 2008 Global Financial Crisis by 60 per cent, eventually, there is a need for developing economies to explore domestic avenues for economic growth as opportunities for traditional financing become increasingly limited.’’

 

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