Stakeholders call for well-functioning financial sector to promote inclusive economic growth

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Oscar Onyema, CEO of The Nigerian Stock Exchange, Friday called the attention of stakeholders to look towards policy reforms as catalyst for economic growth and advancement through the capital market.

Oscar Onyema made this address at the 5th NSE/LSEG dual listings conference. He said “Just yesterday, the NSE ASI witnessed a reversal of all the gains made in 2018 and is currently down 0.36% (Friday morning). Since the market is a leading indicator, we cannot take our eyes off the ball and must continue to press for positive catalysts that will propel the economy to new heights”.

He also stated that “the capital markets are critical to sustainability of growth and development in an Economy. It is my strong belief that one of the things that Nigeria (and Africa) needs to sustain its growth is a solid and vibrant capital market ecosystem that will attract investment and unlock the potential that exists in the economy”.

Further buttressing the importance of the capital market for economic development, he quoted Janet Yellen, an ex US reserves chairman who said: “the financial sector is vital to the economy. A well-functioning financial sector promotes job creation, innovation, and inclusive economic growth”.

On the collaboration with the London Stock Exchange, He said the collaboration will create larger liquidity pools and greater competitiveness for our investors, enhance capacity and promote diversity of investment products to meet the needs of a wide range of investors and issuers.

“Our collaboration with the London Stock Exchange is deliberate and strategic. It is geared at encouraging seamless cross-border access between our Capital Markets to ultimately drive deeper capital markets that enable capital formation for Businesses and Governments. This is evidenced by the FGN Sovereign FX denominated $1 billion Eurobond on The Nigerian Stock Exchange and London Stock Exchange recently, and a strong pipeline of corporate Eurobonds.” He said.

At the close of the Nigerian Stock Exchange on Friday, the All Share Index depreciated by 3.38% with 15 stocks posting gains while 28 posted declines.

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