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Stakeholders call for deepening of Nigeria’s Debt Capital Market, to achieve growth

Proshare

Friday, September 29, 2017 6.00am/Proshare WebTV

Stakeholders have called for the deepening of the Debt Capital Market in Nigeria, to support the Nation’s efforts in achieving inclusive economic growth.

This was a major narrative at the 2017 Debt Capital Market conference, powered by the FMDQ OTC. which focused on the theme “Positioning for Growth”. It brought together stakeholders from the public and private sector space in the country.


Giving the opening remarks on behalf of the Vice-President who was the special guest of honour, the Director-General Ms Pat Oniha reassured delegates that the Federal Government remained committed to diversifying and growing the Nigerian economy.


She quoted the government as stating that the private sector had a significant role to play in transforming the economy, due to their ability in handling and delivering on projects.


Speaking further Ms Oniha noted that the administration of President Muhammadu Buhari has taken a bold step in creating an enabling business environment for attracting investments, through the establishment of the Presidential Enabling Business Environment Council (PEBEC).


PEBEC according to her has a secretariat which and is focused on solving 7 key areas, that are constraints to businesses namely; starting a business, getting credit, getting construction permit, getting electricity, trading across borders, paying taxes and entry/exit of people,


Finance Minister Mrs Kemi Adeosun in a video message to the conference, called for the deepening of the Debt Capital Market, with specific products that can be channelled towards infrastructure financing. She said the government through its various reforms, was focused on driving growth.


In his presentation on Nigeria’s Debt Capital Market Outlook, Mr Bolaji Balogun CEO Chapel Hill Denham asserted that the Debt Capital Market, was a veritable platform for financing critical areas like infrastructure that can reposition economies like Nigeria.

According to him “All of Nigeria’s socio-economic challenges are Debt Capital market solutions”, stressing that they can finance Nigeria’s infrastructure deficits and help alleviate poverty.

He used Lagos as an example of a Sub-National that has accessed the market, by raising about N407bl in domestic market with a robust economic plan.

Mr Balogun said “Lagos spends its bonds on 100% capital expenditure, with 70-75% going to physical infrastructure and 25-30%, going to social infrastructure”.


The Chapel Hill Denham boss made a strong for the government to fully utilize the capital ma
rket in its privatization, concessions and restructuring of state-owned companies.




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