Onyema Seeks Collective Effort to Improve Nigerian Markets
By Dipo Olowookere
Chief Executive Officer of the Nigerian Stock Exchange (NSE) Mr Oscar Onyema, has called on stakeholders in the financial and capital markets in the country to come together for the development of the markets.
Mr Onyema made this call last Friday while delivering his address at the 5th edition of NSE-LSE Dual Listing Conference, which took place at Wheat baker Hotel, Ikoyi, Lagos.
The event brought together companies keen to explore a London/Lagos dual listing, corporate finance experts, lawyers, capital market operators, regulators, government officials, media and thought leaders, featured keynotes addresses, presentations and panel discussions, who brainstormed on ‘Attracting Global Capital to Drive Nigeria’s Economic Reforms and Sustainable Growth Development.’
According to Mr Onyema, “creating and sustaining the growth trajectory of our exchanges, capital markets, financial markets, economies and the continent as a whole, requires a strong commitment from each and every one of us here today.
“It is not an easy journey, but it is one we have no choice but to embark upon, individually and collectively, in order to guarantee our competitive advantage in today’s interconnected world.
“We must use this opportunity to partner with each other, to enable us further unlock our growth potential, and advance the development of our financial and capital markets.”
The NSE chief said at the conference that the partnership between the local bourse and its London counterpart (the London Stock Exchange) was a deliberate and strategic alliance that will boost capital formation.
“The partnership was geared at encouraging seamless cross-border access between both markets. It would also create larger liquidity pool, greater competitiveness for investors, enhance capacity and promote diversity of investment products to meet the needs of a wide range of investors and issuers.
“This is evidenced by the FGN Sovereign FX denominated $1 billion Eurobond on the Nigerian Stock Exchange and London Stock Exchange recently, and a strong pipeline of corporate Eurobonds.”
Dr Doyin Salami, Senior Fellow/Associate Professor, Lagos Business School, Pan Atlantic University, gave an excellent presentation on “the Nigerian Economics and Business Environment: Implications for the Capital Market in an Unfolding Election Cycle”, where he posed two important fundamentals for Nigeria- the role of private capital and the role of the price mechanism.
British Deputy High Commissioner, Laure Beaufils spoke on the UK-Nigeria partnership and the importance of capital markets for Nigeria’s long term development. She noted that the UK is committed to supporting Nigeria’s economic growth.