Nandini Sukumar, the Chief Executive Officer of World Federation of Exchanges (WFE), with Adena Friedman, his NASDAQ Exchange’s compeer, has confirmed their participation in reviewing the role of the Nigerian financial market towards economic development. This was revealed in a statement released by the Chartered Institute of Stockbrokers (CIS).
The CIS disclosed that the CEO of WFE, will take the lead in analysing the theme ‘The Nigerian Stock Exchange’s demutualisation: Demystifying the Big Picture’, while Mr. Friedman and Tucker will be among the discussants at the event.
Olatunde Amolegbe, the CIS President, laid emphasis on the main focus of the conference, which is to provide direction for fiscal and monetary authorities on ways to deploy and leverage on expansionary policies for development and sustainable growth.
The CIS President in his statement buttressed that, ‘Our panelists shall examine investment options for diversification of portfolios across asset classes and beyond the traditional asset classes.’
‘We plan to also examine how the proposed Companies and Allied Matters Act 2020 will benefit the capital market as well as provide context on how Nigerian Stock Exchange’s demutualisation shall benefit the capital market stakeholders.’
He stressed that, the effect of the COVID-19 pandemic on the country’s frail economy, has only resulted in a decline in consumption, aggregate demand, investment, net export and increase in government’s expenditures.
He said, ‘We believe even with the 29% allocated to capital expenditure- about N3.4trn, is not sufficient to bridge the gap given the neglect in the past compared to about $14 billion annual requirement so the capital market via the private sector can provide this support.’
Also, adding to the list of key speakers to address the funding gaps in Nigeria’s budget and the capital market option, is Robin Tucker, the Head Solution Delivery Core Assets, Johannesburg Stock Exchange.
Other key discussants to be in attendance at the conference scheduled to hold November 4th and 5th include; Oscar Onyema, the Nigerian Stock Exchange’s Chief Executive Officer, and Olutola Mobolurin, Chairman of Capital Bancorp Plc.
Adenike Omosanya
Photo Credit: Dailytrust
