Friday, June 01, 2018 7.00PM / Proshare WebTV
The 5th edition of the Nigeria Stock Exchange and London Stock Exchange dual listening conference today in Lagos the nation’s economic capital, explored ”Attracting Global Capital to Drive Nigeria’s Economic Reforms and Sustainable Development”.
Giving his opening remarks at the event the CEO of the Nigeria Stock Exchange Mr. Oscar Onyema described the collaboration with the London Stock Exchange as deliberate and strategic. According to him “It is geared at encouraging seamless cross-border access between our Capital Markets, to ultimately drive deeper capital markets that enable capital formation for Businesses and Governments.
He listed the following as benefits of the partnership; creating larger liquidity pools and greater competitiveness for investors; enhancing capacity and promoting diversity of investment products to meet the needs of a wide range of investors and issuers.
Mr Onyema shared that the theme of the conference was quite topical and was coming at the time Nigeria was grappling with the task of articulating a clear economic blueprints for short to midterm, within which credible fiscal and monetary policies can emerge.
The CEO of the London Stock Exchange Plc who was represented by Mr Mani Gokul, Head of Primary Markets, Middleast & Africa said Nigeria offered many opportunities for investments and expansion of its economy.
Mr Gokul speaking further believed the cross-border market alliance provided an avenue for deepening liquidity, noting that the LSE currently has 108 African companies with a market capitalization of $200bn.
Gokul listed the major initiatives the LSE has driven for African markets to include the International Securities Market & Fixed Income, Companies to Inspire Africa Initiative and the LSE Advisory services.
In her goodwill message the Deputy British High Commissioner in Nigeria Laure Beaufils lauded the dual listing conference between both exchanges, and restated the commitment of the United Kingdom to furthering investment and trade with Nigeria.
The Director-General of the National Office for Trade Negotiations Ambassador Chiedu Osakwe in his keynote stressed that the dual exchange partnership mattered a lot to Nigeria, Africa and the Global markets.
Speaking further on the on-going negotiations around the Africa Continental Free Trade Agreement, Ambassador Osakwe said it had a catalytic effect on trade in goods and services.
On his presentation on the “State of the Nigerian Economy” notable economist Dr Doyin Salami raised fundamental questions on “What will be Role of Private Capital in Driving the Nigerian economy” and “What will be the Role of Corporate Governance in Capital Market development in Nigeria”.
The dual listing conference featured panel sessions and also had in attendance the Honourable Minister for Power, Works & Housing Mr Babatunde Fashola, SAN and Mr Abimbola Ogunbanjo, the President of Council, Nigeria Stock Exchange.