NSE Supports Capital Raising for Various Economic Sectors—Bolumole

November 16, 2020
MSMEs Sustainability

By Modupe Gbadeyanka

The need for entrepreneurs, especially small business owners, to see the capital market as an alternative platform for raising funds has been emphasised again.

Last week, the Nigerian Stock Exchange (NSE) organised an event in conjunction with Odu’a Chambers of Commerce and Industry to explain ways SMEs in the country can utilise the capital market to expand their operations.

At the webinar themed Capital Raising in a Pandemic, the Divisional Head of Listings Business at the NSE, Mr Olumide Bolumole, disclosed that the bourse has “products and services to support capital raising across economic sectors.”

“For instance, despite the impact of COVID 19, the NSE has facilitated needed financing with about N1 trillion in capital raised by governments and corporates between January and October across various asset classes.

“With the All Share Index as at November 9, appreciating by over 20 per cent since the start of the year and the fixed income market capitalisation currently over N17 trillion, the market has depth to accommodate required capital,” he added.

On his part, the Head of Department, Branch Network at the NSE, Mr Adeyemi Osoba, who shed some more light on the NSE Growth Board as a viable option for capital raising, especially for SMEs, noted that, “The Growth Board was launched in January 2020 as part of the NSE’s initiatives to elevate the Nigerian capital market and meet the needs of businesses at every phase of their lifecycle.”

“It provides a platform for fast-growing companies to access cost-effective, long-term capital while enjoying relaxed entry criteria, reduced post-listing obligations and a wide range of value-added services,” he said further.

In his keynote address, the National Vice President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Mr Dele Oye, expressed the association’s support of the Growth Board and encouraged SMEs to take advantage of the exchange’s platform to access the right-sized capital required to scale their businesses.

Other panellists at the event were Mr Femi Ademola, Executive Director, Cordros Capital; Mr Azeez Oluwole, Managing Director, Farmkonnect Nigeria; Chief Kola Akoshile, President, Odu’a Chambers of Commerce & Industry and Mr Owolabi of Capital Asset Ltd; with Dr Sam Ikoku, Executive Chairman, Blackstone Private Equity Limited serving as moderator.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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