Recession: NSE to get expertise from London counterpart

Oscar N. Onyema, OON, Chief Executive Officer, NSE, left and Paul Thomas Arkwright, British High Commissioner to Nigeria, at the Closing Gong Ceremony at the Exchange.

The Nigerian Stock market has been assured of expertise collaboration from its London counterpart, London Stock Exchange (LSE).

The British High Commission to Nigeria, Mr Paul Arkwright, gave the assurance during his visit to the Nigerian Stock Exchange (NSE) to perform the ceremonial sounding of the gong to close trading activities on the floor of the Exchange.

Mr Arkwright, while noting that the Nigerian capital market had been a vibrant one, he assured that the country would in the near future turn a new corner from the present economic upheaval it has find itself.

The High Commissioner said to this end, the United Kingdom would ensure that it makes available its expertise to Nigeria to enable it recover from its present recession, adding that part of his duty in the country was to ensure that more British companies are encouraged to list on the stock market as well as help build a stable economy.

Thomas Arkwrite who described the Nigeria Stock Market as a vibrant market notwithstanding the economic downturn, explained that the stock mirrors the entire economy, adding the stock market remains a sure place for Nigeria and the international companies to raise capital.

“There is a strong partnership between the Nigerian Stock Exchange and the London Stock Exchange. Part of my duty here is to encourage British companies to come and list their shares. I know we are looking at the time of economic difficulty in Nigeria. I know the market reflect the economic situation here. But am confident that in the immediate to medium, perhaps in the short-term, Nigeria will turn the corner, and the economy will pick-up, employment will pick-up and inflation will come down.

“The United Kingdom is a willing partner to Nigeria. We have a strong and healthy Stock Exchange in London, and there is the expertise that can be shared here with the Nigerian Stock Exchange. That is part of job to find how we can corporate economically,” he added.

Speaking on how soon British companies will be seen coming to have their shares listed on the local course, the British High Commissioner however reiterated that “Nigeria has a way to go, you know Nigeria is still low on the index of doing business with. British companies need to have confidence that they can take their returns. But am optimistic that British companies will come here, and Nigeria being able to turn the corner.

The Chief Executive Officer of the NSE, Mr Oscar Onyema while welcoming the British High Commissioner, reiterated the zero tolerance of the equities market, noting that the stock market is a veritable place to leverage on interms of cheap finance.