July 19, 2019 / 1.00PM / Nifemi Taiyese for Proshare WebTV
Africa will require a long-term financing model through the capital markets to achieve its industrialization drive across the region.
Professor Ndubuisi Nwokoma, an economist and senior lecturer at the University of Lagos disclosed at the launch of the book “Frontier Capital Market and Investment Banking: Principles and Practice from Nigeria.”
Speaking as one of the reviewers of the book, Professor Nwokoma believed Industrialization was crucial to the economic transformation of Sub-Saharan Africa.
Through long-term financing from the capital market, the economist was of the view that key infrastructure projects, will open up the African economies for new investments that will achieve rapid industrialization.
He described the timing of the launching of the book co-authored by Dr. Temitope Oshikoya, an economist and Mr. Kehinde Durosinmi-Etti, a chartered accountant and seasoned banker as a timely one for the Nigerian economy.
The economist also noted that the 290-page book aids the discussion for the type of capital market Nigeria needs and what foreign investors need to see.
He cited China as an example of an economy that has attained an unprecedented level of industrialization, characterized by a high level of exports.
Giving further perspective, Nwokoma said the Debt service payment implication to revenue in Nigeria, is a critical issue to be addressed and also the uncertainty people face when they do not know how to invest are some of the things the book will help clarify.
The book, according to him, is a case study of the principles and practices of frontier markets, which Nigeria is a major player in Africa.
The 2018 African Investment Forum sponsored by the Africa Development Bank, AfDB revealed that Nigeria got five deals worth $7bn, which can boost the industrialization level of the country.