By Aduragbemi Omiyale
For the umpteenth time, the Nigerian Stock Exchange (NSE) has vowed to continue to support small businesses in the country by providing alternative sources of raising funds.
This assurance was re-echoed at a webinar organised on Wednesday, February 3, 2021, themed Capital Raising for SMEs through the Stock Exchange.
The event was put together in collaboration with various trade groups/Chambers of Commerce in the Northern region of Nigeria and headlined by the President, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Hajia Saratu Iya Aliyu.
In his address, the Divisional Head of Listings Business at the NSE, Mr Olumide Bolumole, said the exchange has always supported companies, especially those in the Small and Medium-Sized Enterprises (SMEs) sector.
According to him, last year, not less than N2.5 trillion was raised as capital through the exchange by governments and corporates despite the COVID-19 pandemic.
He said small businesses can use the growth board of the NSE to gain higher heights.
“The traditional role of the exchange as a platform for capital formation and liquidity holds good promise for businesses.
“Despite the impact of COVID-19, the NSE functioned to facilitate needed financing with over N2.5 trillion in capital raised by governments and corporates in 2020 across various asset classes.
“Furthermore, The Exchange in January 2020 launched the NSE Growth Board designed to support companies in their growth phase and this notably caters to SMEs.
“As the access to capital is a key challenge faced by companies active in various sectors of the economy, the NSE continues to provide alternative funding opportunities to catalyse business growth,” he said.
On her part, Ms Saratu Iya Aliyu commended the bourse for the event, saying it “reflects a recognition the role played by the Chamber of Commerce in promoting the growth and competitiveness of a private enterprise in Nigeria.”
“Going forward, I am hopeful that initiatives such as this webinar will spur greater interest in the activities of the Growth Board by the private sector, as it is a conscious effort to give credence to SMEs which are the building blocks of the Nigerian economy,” she added.
The webinar also featured a presentation from the Team Lead, Growth Segment, Primary Markets, NSE, Mr Olanrewaju Odufuwa who shed some more light on the value proposition of the NSE Growth Board as a viable option for capital raising, especially for SMEs.
Other panellists at the event were Mr Jinjiri Abubakar, President, CONSCIMMA; Mr Ali Safiyanu Madugu, Managing Director, Dala Foods Limited; Mr Nathan Nwokoro, Head, Wholesale Banking, Cowry Asset Limited; and Dr Ahmed Rabiu, Former President, Kano Chamber of Commerce; with Prof. Uche Uwaleke, Professor. Capital Market, Nasarawa State University serving as moderator.
