Harness capital market for infrastructure development NGX tasks FG

The Nigerian Exchange Ltd (NGX) has said the federal government and private sector must harness opportunities in the country’s capital market for infrastructure development and employment, instead of depending on external borrowings. The chief executive officer of NGX, Mr. Temi Popoola, said this in Lagos in preparation for the inaugural edition of the Nigerian Capital […]

The Nigerian Exchange Ltd (NGX) has said the federal government and private sector must harness opportunities in the country’s capital market for infrastructure development and employment, instead of depending on external borrowings.

The chief executive officer of NGX, Mr. Temi Popoola, said this in Lagos in preparation for the inaugural edition of the Nigerian Capital Market Conference with the theme, ‘The Future Ready Capital Market: Innovating for Nigeria’s Sustainable Recovery’.

He said the challenges facing the country in terms of infrastructure could be resolved through capital market instruments.

Popoola urged government and the private sector to embrace the capital market for long-term funds to address the country’s infrastructure deficit.

“Most countries have used the capital market to boost their infrastructure. The capital market is the appreciative way of resolving our infrastructural issue.

“For us at the exchange, we want to push this narrative, let’s bring the capital market to the centre of the discussion. This is another tool we can deploy to address many of these challenges,” he said.

He said the NGX would continue to engage government, the private sector, policymakers and other stakeholders on the inherent opportunities in Nigeria’s capital market.

Popoola said the exchange would remain committed to investor education to boost participation in the market.

He said the NGX will be holding its inaugural Nigerian Capital Markets Conference on Nov. 30.

He said the conference would bring together policymakers, government officials, financial experts, business leaders, investors, international development partners, regulators and other stakeholders to share insights and broaden the thinking needed for greater capital flows through innovative sources of financing.

 “The Eurobond the government has raised or is going to do, we do have a lot of assets in the domestic economy that can actually be securitized, which the government can use to finance the infrastructural needs,” he said.