Capital market instrumental to growing economy —NGX CEO

The Nigerian Exchange Limited has reiterated the importance of the capital market in the country, noting that the economy would not witness the needed growth and developement without the active involvement of the capital market.

Chief Executive Officer of NGX, Mr Temi Popoola, while addressing select journalist on Thursday at a briefing in preparation for the Exchange Capital Market’s Conference, enjoined the government and the private sector to harness the opportunities in the country’s capital market for infrastructure development and employment, instead of depending on external borrowings.

“Most countries have used the capital market to boost their infrastructure. The capital market is the appreciative way of resolving our infrastructural issue.

“For us at the Exchange, we want to push this narrative, let’s bring the capital market to the centre of the discuss. This is another tool we can deploy to address many of these challenges,” he said.

While noting that the Exchange remained committed to investor education to boost participation in the market, Popoola said NGX would continue to engage the Federal Government, the private sector, policy markers and other stakeholders on the inherent opportunities in Nigeria’s capital market.

According to him, the NGX will be holding its inaugural Nigerian Capital Markets Conference on Nov. 30.

He said the conference would bring together policymakers, government, financial experts, business leaders, investors, international development partners, regulators and other stakeholders, to share insights and broaden the thinking needed for greater capital flows through innovative sources of financing.

“This is going to be the first of its kind in the country. The event will address what the market can do for the government, private sector and the opportunities the market offers.”

Also speaking, Mr Jude Chiemeka, Divisional Head, Trading Business, NGX, said asset-backed securities could be harnessed by both government and private sector to address the country’s infrastructure needs, adding that the conference would highlight how investors, more importantly issuers can utilise the capital market to raise funds.

He maintained that the government could focus on green bond, Sukuk, in addressing the infrastructural gap. “The Eurobond the government has raised or going to do, we do have a lot of assets in the domestic economy that can actually be securitised, which government can use to finance the infrastructural needs.

He added that the capital market, apart from solving problems, also created opportunities that would help in employment generation.

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