NSE president tasks FG on capital market development

President of the Nigerian Stock Exchange (NSE), AigbojeAig-Imoukhuede, has implored the government to integrate the nation’s capital market for the nation’s economic development.

Speaking at the 12th Annual Pearl Awards public lecture for capital market development held in Lagos, Aigboje said since the capital market is a barometer for measuring the state of a nation’s economy, the Federal Government need create policy that would create environment for investment.

According to him, presently, NSE services the largest economy in Africa, being “the second largest exchange in Africa by market capitalisation at N16.1 trillion naira,” thus “championing the development of Africa’s financial markets.”

While noting that the economic growth was the panacea to most of the country’s challenges, he said government economic policy must be based on fact and financial principles to achieve success, adding that public and private sector cooperation, collaboration and partnership were also required.

Aig-Imoukhuede, while speaking on the theme: “Global and National Socio-economic challenges and renaissance: Whiter the Nigerian capital market?”, stressed that to create an enabling environment for investment, entrepreneurship and development, the capital market should be integrated into public policy by increasing dialogue between policy makers and market operators as well as having expert understanding of the market.

According to him, public and private sector cooperation, collaboration and partnership are required.

“The NSE and other capital market stakeholders are ready, capable and willing to do what is required for Nigeria’s socio-economic recovery,” he said.

Aig-Imoukhuede explained that national corporate companies such as MTN, Glo as well as other non-listed national champions should be encouraged to list on the exchange to deepen the market.

He, however, advocated for incentives/ palliatives to priority economic sectors to stimulate growth and development.

Aig-Imoukhuede said government must have both technical and business expertise that would put together quality infrastructure with the right risk and return ratio to attract capital.