22nd ASEA Conference: Osinbajo calls on African Exchanges to Support Growth of Startups

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Tuesday, November 27, 2018 6.15AM / Ottoabasi Abasiekong, Proshare WebTV

 

Vice-President Prof. Yemi Osinbajo, SAN of Nigeria has charged African Securities Exchanges to make conscious efforts to support Startups, particularly in the technology space to grow their businesses in the region. 

This was part of his remarks at the opening session of the 22nd Association of Securities Exchanges in Africa, ASEA conference in Lagos. 

According to him “another key role that capital markets must play in this era is to assist technology start-ups to find the resources they need to promote and grow their businesses.  We have an Advisory Group on Technology and Creativity here in Nigeria and one of the dominant themes in our discussions with the young entrepreneurs in these sectors is the lack of affordable and patient capital”.  

In terms of partnerships, the Vice-President said "We are accordingly working with the African Development Bank to establish a $500million Innovation Fund that will support activities in this sector. Given the size of our economy and the potential of the technology and creative sectors, I am hopeful that capital market operators will work towards innovative financing solutions to lend further support to these two sectors."

He emphasized the need for Africa to build on the great advances in Fintech, acknowledging the efforts of firms like Paystack, Flutterwave and M-PESA. 

Osinbajo believed  ASEA  had a key role in the continent’s quest for economic growth and development. This is due to the fact that the Association reflects the right spirit of collaboration and partnership required of African countries and their economic institutions, to bring about a more vibrant, dynamic continental economy. 

Giving the opening remarks at the event the President of the Council of the Nigeria stock exchange, Mr Abimbola Ogunbanjo lauded ASEA for its role in driving market integration in the continent. 

The Acting Director-General of the Securities and Exchange Commission of Nigeria Ms Mary Uduk, who also represented the Minister of Finance, asserted that ASEA had a vital role in mobilizing capital and long-term financing to support the inclusive economic growth of African economies. 

Keynote speaker and Vice President/Treasurer of the World Bank Arunma Oteh challenged  ASEA to come up with strategies to address the energy deficit in Africa.

She also stressed the need for the nurturing of enterprises through the capital market platforms in the region, which can spur economic activities in the continent. 

The World Bank Treasurer harped on the need for African securities exchanges, to unleash the wealth of the continent and contribute to  strengthening of the competitiveness of their economies. 

Arunma Oteh urged ASEA to collaborate and work towards integrating the African Trading and Settlements systems. 

In his remarks the CEO of the Nigeria stock exchange Mr Oscar Onyema, OON and outgoing President of ASEA said the association had successfully elevated its profile and portfolio base. 

On his part the incoming President of ASEA and CEO of the Cassablanca Stock Exchange Mr Karim Hajji assured stakeholders of sustaining the values of the association, and enhancing market development across the region. 

The theme of the two-day conference is Champions on the Rise: Africa’s Ascension to a more Sustainable Future”.

 

Proshare Nigeria Pvt. Ltd.


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