Capital market, key to driving export – Awolowo
Chief Executive Officer of NEPC, Dr Olusegun Awolowo said the nation’s bourse has a key role to play towards driving export from the nation’s manufacturing sector.
Awolowo who visited the Nigerian Stock Exchange on Monday to sound the closing gong and present a Zero Oil Plan Proposal to capital market stakeholders said the present administration, in its Economic Recovery and Growth Plan (ERGP), highlighted the need for diversification, and necessity in earning from other resources apart from the oil sector.
He explained that the country needs to generate more foreign exchange in the present face of a decline in revenue from the oil sector, noting that agriculture is the solution to getting more earnings into the country.
He, therefore, noted that to drive exports, the capital market is key in shoring Foreign Direct Investment in the manufacturing sector
“The idea is to move business into export and we need the capital market to drive this kind of investment. Foreign Direct Investment (FDI) that has come to Nigeria has only been, in the financial sector, oil and gas sector. Now we are calling for FDI and of course local investment in manufacturing and industry sector,” he said.
He noted that the Federal Government is getting the environment ready with ease of doing business while appealing to the capital market that the country is ready to revive export.
In response the Dr Olusegun’s appeal, Doyen on the floor of the Nigerian Stock Exchange, Sam Ndata shared in the Council’s aspiration in promoting Nigeria exports, noting that the Nigerian Stockbroking community was ready to promote FDI in manufacturing sector as there was the urgent need in the capital market to earn foreign exchange in the country.
