By Modupe Gbadeyanka
Nigeria’s Vice President, Prof Yemi Osinbajo, has called on investors to support Federal Government’s diversification efforts by embracing the Debt Capital Markets (DCM) and the opportunities therein.
In his special keynote address at the 2017 Nigerian Debt Capital Markets Conference & Awards held on Thursday, September 28 at the Eko Hotel & Suites, Victoria Island, Lagos, the Vice President called for greater commitment from the private sector to complement the government’s efforts especially in the area of infrastructure development.
The event, which was organised by the FMDQ OTC Securities Exchange (FMDQ), played host to a wide audience of local and international financial markets participants.
Mr Osinbajo noted the pivotal role being played by FMDQ in transforming the Nigerian DCM and called for more support.
The Vice President, who was represented by the Director-General of the Debt Management Office (DMO), Ms Pat Oniha, underscored the importance of the debt capital market to its overall economic recovery and growth plan.
The programme, which brought together subject matter experts with varying focuses and interests in the Nigerian and global financial markets space, provided a platform to deliberate on strategies and other pre-requisites needed to position the Nigerian to support sustainable economic growth and development.
Minister of Finance, Mrs Kemi Adeosun, who gave a special address, recognised the opportunities inherent in the DCM and assured the participants that the Federal Government was taking bold steps towards putting the necessary reforms to support private sector-led growth, even as the country exits recession.
Director-General of the Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, represented by Ms Mary Uduk, Director, Investment Management, provided an overview of the recent milestones achieved in the Nigerian DCM and further highlighted that the Nigerian Economic Recovery and Growth Plan underscores the role of the private sector in leading the growth that Nigeria desires.
“To sustainably develop Nigeria, reliance must be shifted from ‘owners’ capital’ and short-term funding from commercial banks to long-term capital from the DCM,” he said.
Mr Jingdong Hua from the International Finance Corporation (IFC), in his address, noted that for Africa to meet and maximise its potential in the global financial markets space, Nigeria must be one of its greatest engines.
He called on the government to create an enabling environment to support the DCM and also promote financial markets education for capacity building of market participants, and the general public.
