The Vice
President & Treasurer, International Finance Corporation (IFC) Mr.
Jingdong Hua, has called on the government to create an enabling
environment to support the Debt Capital Market growth...
Jingdong who made the call in Lagos
during FMDQ OTC Securities Exchange 2017 Nigerian Debt Capital Markets
Conference & Awards, held last week explained that that for Africa
to meet and maximise its potential in the global financial markets
space, Nigeria must be one of its greatest engines of growth.
He also urged the government to promote
financial markets education for capacity building of market
participants, and the general public.
Also at the conference, which focused on
the theme “Positioning for Growth”, stakeholders called for the
deepening of the DCM in Nigeria, to support the Nation’s efforts in
achieving inclusive economic growth.
Specifically, the 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 N407 billion
in domestic market with a robust economic plan.
Balogun said “Lagos spends its bonds on
100 per cent capital expenditure, with 70-75 per cent going to physical
infrastructure and 25-30 per cent, going to social infrastructure”.
The Chapel Hill Denham boss made a strong
appeal for the government to fully utilize the capital market in its
privatization, concessions and restructuring of state-owned companies.
Mr. Mounir Gwarzo’s, the Securities and
Exchange Commission (SEC) Director General, in his keynote address
provided an overview of the recent milestones achieved in the
Nigerian DCM and further highlighted that
the Nigerian Economic Recovery and Growth Plan underscores the role of
the private sector in leading the growth that Nigeria desires. In his
words, “to sustainably develop Nigeria, reliance must be shifted from
‘owners’ capital’ and short-term funding from commercial banks to
long-term capital from the DCM”.
Welcoming guests to the Conference &
Awards, Mr. Jibril Aku, Vice Chairman, FMDQ commended all stakeholders
for the support given to FMDQ thus far, while noting that the OTC
Exchange will continue to provide the requisite platform to power growth
and foster the deepening of the Nigerian DCM.
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