The Lagos chapter of Nigeria In Square Mile (NISM) has been launched at the Nigerian Stock Exchange to boost the financial services industry and promote investment avenues for Nigeria.
The organization formed in 2008, is an unincorporated association of Nigerian professionals who are based in the City of London, and boasts of high-ranking Nigerian professionals who work prestigious financial institutions within the City of London as members.
NISM leverages on the over 17 million Nigerians in the Diaspora and a large percentage of those based in the advanced economies holding high ranking positions and prominent specialists in all fields of endeavour, including finance, medicine, education, research, ICT, law and engineering,
Speaking Wednesday at the launch with the theme “Aligning Lagos and Lagos markets 2017”, Chairman of the NISM, Paul Onifade, said “The Nigerians In Square Mile is serving as a bridge between London and Lagos financial markets.”
He said the organization was constituted as a think-thank to explore developing areas like Medical Tourism & Agribusiness.
“In NISM, we believe in wealth creation and promoting investments for Nigeria,” he said.
He further explained that the NISM provided advisory and research, with policy interventions and opportunities for networking, adding that the NISM intended to work with the Nigerian Stock Exchange in deepening the capital market.
“The NISM believes in the potentials of Nigerian diaspora, to grow the economy, like the Indians, Chinese & Jews, through its trust network, where Nigerians can do credible business,” he said, further assuring market stakeholders, that NISM “Came to take the pain.”
At the interactive session, NISM members & stakeholders, agreed that Nigerians needed to synergize efforts to grow the economy.
In his opening remarks, the NSE CEO Oscar Onyema’s said establishing a Lagos Chapter was a logical and crucial step in enabling NISM to deliver on its prime objective which is “serve as a think-tank, and contribute to the development of a vibrant and professional financial services industry in Nigeria.
“NISM understands the relevance and importance of leveraging the Diaspora for the sustainable development of the Nigerian economy. This leverage is imperative as we urgently need to catalyze the rebound of our economy and offer the vast majority of Nigerians, a new lease of life. In this regard, our country must mobilize and harness the technical expertise of its own people, especially the immense potential and resources of its Diaspora community to facilitate development.”
With the establishment of the Lagos chapter of NISM, Onyema said the provision of a link that will connect leaders in finance and commerce in Lagos with those in London, will provide a powerful alliance of the best thought leaders in both cities.
He said the World Bank report on remittances, in mid-2016 showed that Nigerians in Diaspora remitted about $35 billion dollars to the nation’s economy and that NISM will establish a better link that works for Nigeria by connecting the best of two cities – London and Lagos.