NGX tasks government on capital market exploitation to tackle infrastructure deficit

The Nigerian Exchange Ltd (NGX) has enjoined the federal government and the private sector to utilise capital market instruments in accessing long-term funds capable of  addressing the country’s infrastructure and employment deficits rather than focusing on external borrowings.

Temi Popoola, chief executive officer of NGX, made the assertion in preparation of the  inaugural edition of the Nigerian Capital Markets Conference with the theme, ‘The Future Ready Capital Market: Innovating for Nigeria’s Sustainable Recovery’, scheduled for November 30, 2021.

According to Popoola, Nigeria has a lot of assets in the domestic economy that can be harnessed by the government to finance the country’s infrastructural needs.

He further explained that the capital market is an appreciative way of resolving Nigeria’s infrastructural issues as it has been successfully deployed by developed countries to boost their infrastructure and boost employment.

“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 added.

Popoola also expressed NGX’s commitment towards education investment to boost participation in the market, adding that  the NGX would continue to engage government, the private sector, policymakers and other stakeholders on the inherent opportunities in Nigeria’s capital market.

Speaking about the forthcoming conference, the NGX chief executive said it 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.