Nigeria Needs Vibrant Capital Market to Sustain Growth—Onyema

By Modupe Gbadeyanka

Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, has stressed the importance of a solid and vibrant capital market ecosystem to the growth of any nation.

The head of the country’s stock market regulator, speaking last Friday in Lagos at a forum for consumers goods sector, noted that efforts must be made to support the industry through a sustainable finance system.

“It is my strong belief that one of the things that Nigeria, and indeed Africa, needs to sustain its growth, is a solid and vibrant capital market ecosystem that will attract investment and unlock the potential that exists in the economy,” Mr Onyema said in his opening speech at the interactive session themed The Role of the Capital Market in Unlocking Value in the Consumer Goods Sector.

At the event, which had over 500 industry stakeholders in attendance, Mr Onyema further said, “There is considerable opportunity for the consumer goods sector to contribute to Nigeria’s sustainability agenda by tapping into the green and sustainable finance market.”

According to him, “This represents a new stage in the development of the Nigerian capital markets and opens the way to expanded international investments.”

“The NSE is playing a key role to help develop this enormous opportunity for Nigeria and fulfil one of our key objectives as a member of the UN Sustainable Stock Exchange Initiative,” he declared.

Minister of Minister of Industry Trade & Investment, Mr Niyi Adebayo, who was represented by the Permanent Secretary, Mr Edet Sunday Akpan, commended the leadership of NSE for the critical role in the economy by providing businesses with access to long-term funding and providing platforms to drive continuous discussions amongst industry players, policymakers and the government.

Mr Adebayo said government was committed to creating an enabling environment for business to thrive, noting that, “The work done in the area of ease of doing business has resulted in the country’s move from 145th in the World Bank’s Ease of doing business report to the 131st position in 2019. This progress was due to reforms initiated and implemented by the Nigerian Government to provide an enabling environment for businesses to thrive.”

Other speakers at the event lauded the stock exchange for organising such forum, where stakeholders can rub minds together to chart a way forward for the consumers good sector, which they described as very vital to the economy, which is seeking to diversify into the non-oil industry.

some of these persons were the acting Director-General of Securities and Exchange Commission (SEC), Ms Mary Uduk; Executive Chairman of Federal Inland Revenue Service (FIRS), Babatunde Fowler; Managing Partner at Udo Udoma & Belo-Osagie, Aniekan Ukpanah; CEO of Nigerian Breweries, Mr Jordi Borrut Bel; Director Registrar & Regulation Affair at the National Agency for Food and Drug Administration and Control (NAFDAC), Dr Monica Hemben Eimunjeze; amongst many others.