‘Our market needs to support diverse and competitive Nigerian economy’

By Kayode Ogunwale

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema has expressed the needs for the Nigerian capital market to support diverse and competitive Nigerian economy.

Speaking at the Chartered Institute of Stockbrokers (CIS) 20th Annual Stockbrokers’ Conference in Lagos, Onyema said, the importance of a robust and sustainable domestic capital market cannot be overstated, and access to long-term finance is critical to the economic recovery and implementation of the Sustainable Development Goals (SDG) and other national and global agendas.

He said the theme of the conference: “Building New Pillars, Creating New Values for Sustainable Development” sits at the very heart of the NSE.

“At the intersection between issuers, investors, and regulators, the exchange is strategically positioned to influence the adoption of globally recognized sustainability standards by Nigerian businesses. These standards and principles, to which the exchange itself adheres, help to shape investment decision-making, and have become increasingly important to attracting the global flows that the market needs to support a more diverse and competitive Nigerian economy”, he said.

Onyema noted that, “A key pillar of the NSE’s overall sustainability strategy is the ‘Marketplace’, and our fundamental principle in this regard is the development of a sustainable capital market that finances growth that maximizes the long-term value of investment portfolios. Towards this commitment, the Exchange is focused on i) continuously enhancing regulatory oversight, ii) initiating new collaborations for policy formulation and promotion of Environmental, Social and Governance (ESG) standards, and iii) promoting reporting practices as an integral element of a well-functioning market and economy.”

According to him, “Our strides in imbibing and promoting sustainability practices are significant, but there is a lot more to do to increase the competitiveness and sustainability of the Nigerian capital market. There is no question that these are challenging times for our nation, but it is also an opportune time to take a step back and re-strategize on how best to safeguard the future of our economy, and imbibe a culture of sustainability in all of our developmental planning. It is our expectation that our national commitment to the SDGs will reinforce this vigor and encourage the public sector to partner with the private sector in providing energy, housing and transport services that meet economic, social and environmental demands.”

Onyema said Nigerian bourse remains committed to joint engagements with the government, capital market stakeholders and other private sector players, to explore synergies that can emerge from complementary actions in both policy development and implementation.