In the bid to grow the Nigerian debt capital market, the FMDQ OTC Securities Exchange brought together local and international financial markets participants at its 2017 Nigerian Debt Capital Markets Conference and Awards held in Lagos to develop strategies for the markets’ advancement.
The forum provided a platform to discuss various pre-requisites needed to position the Nigerian debt capital markets to support sustainable economic growth and development.
The conference was adequately supported by the Federal Government of as the Vice-President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo, represented by the Director-General of the Debt Management Office, Ms. Pat Oniha, underscored the importance of the debt capital market to its overall economic recovery and growth plan.
The legislative arm of government was also ably represented at the conference via the active participation of respective Chairmen of the Senate and House Committees on Capital Markets, Senator Foster Ogola and Honourable Tajudeen Yusuf.
In addition, the Director-General of the Securities and Exchange Commission, Mr. Mounir Gwarzo, ably represented by Ms. Mary Uduk, the director, Investment Management, also lent his voice to the growing relevance of the debt capital market to the much desired turnaround of the Nigerian economy.
Subject matter experts from the International Finance Corporation led by Mr. Jingdong Hua, vice-president and Treasurer, alongside other senior executives of the IFC, participated at the forum.
The Chairman, FMDQ, Mr. Joseph Nnanna, represented by Mr. Jibril Aku, the vice-chairman, FMDQ, commended all stakeholders for the support given to FMDQ thus far, while noting that the OTC Exchange would continue to provide the requisite platform to power growth and foster the deepening of the Nigerian DCM.
The Nigerian vice-president charged all participants to support the Federal Government’s diversification efforts by embracing the DCM and the opportunities therein.
He noted the pivotal role being played by the FMDQ in transforming the Nigerian DCM and called for greater commitment from the private sector to complement the government’s efforts especially in the area of infrastructure development.
In the same vein, the Minister of Finance, Mrs. Kemi Adeosun, who gave a special address, recognised the opportunities inherent in the DCM and assured participants that the Federal Government was taking bold steps towards putting the necessary reforms to support private sector-led growth, even as the country exits recession.
Gwarzo’s 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 desired.
“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,” the SEC boss said.
While reiterating FMDQ’s commitment to remain steadfast towards the development of the Nigerian DCM, and the Nigerian economy at large, the Managing Director/Chief Executive Officer of FMDQ, Mr. Bola Onadele, recognised market participants/key stakeholders in the Nigerian DCM who had performed creditably in relation to primary market activities, over the past two years.
He noted that the exceptional performances by these market players had contributed to the overall development and progress of the markets in different ways.
Also present at the forum were: Managing Director, Chief Economist Africa, Standard Chartered Bank, London, Ms. Razia Khan, and Chief Executive Officer, Chapel Hill Denham, Mr. Bolaji Balogun, among financial markets stakeholders.
Source:© Copyright Punch Online
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