Nigeria must grow productive economy–Governor Obaseki

The Edo State Governor, Godwin Obaseki has said that for the country to achieve self-sufficiency, and compete with other emerging economies, the government must grow an economy that is productive and not import-dependent.

Obaseki stated this while speaking at the NGX Made of Africa Awards themed “Innovation in Capital Markets: The Panacea for Exponential Growth” organized by the Nigerian Exchange Limited (NGX).

Growing the economy from consumption to production: Obaseki said the task ahead of all the stakeholders in the Nigerian economy was to grow the economy that produces goods and services the people consume.

“200 million Nigerians cannot continue to rely on imports at the rate we are doing today, as we celebrate the sterling performance of our investment professionals, we must remind ourselves of the task ahead of us which means we must migrate from consumption to a production nation that can feed herself.

He noted that with the quality of those who are managing the capital market and other sectors of the economy in Nigeria has all it takes to grow the economy.

Obaseki said that the NGX has continued to stand out as viable means of capital formation both for the private and public sectors.

• “Statistics showed that most countries with stable economies have viable capital markets. As we want to rescue the nation from its rotten past, we must encourage the capital market to be viable.
• For us, in Edo, we are hosting three companies quoted on the exchange, two from the Agricultural sector which is Okomu Oil and Prescoe Oil, and the third one which is BUA Cement. And I believe that what we are doing now in Edo State springs out more companies that will seek capital in the stock market,”.

The Director General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, commended NGX for its technology and financial innovation in the post-COVID Pandemic.

Innovation: Yuguda represented by Ibrahim Boyi, Executive Commissioner of Corporate Services noted that technological innovation over the years has significantly altered the ways things are carried out in the market.

He said that innovative initiatives like dematerialization, direct cash settlement, and e-dividend among others have aided the ways things are carried out in the market.

• “The long-term sustainability in the market requires innovation, the fundamental outcome of innovation includes maximum return on investment and increased production. The cumulative effect of embracing innovative practice reduction of cost of doing business,” he said.

Recognitions: Nigerian Exchange Limited (NGX) recognized the outstanding performance of capital market stakeholders in multiple categories including compliance with rules and regulations as the fiscal year draws to a close.

Among those who were recognized as well as won awards include Pilot Securities Limited which was awarded the Most Compliance Trading License Award, Meristem Capital Limited, issuing House with the highest number of primary transactions (equity category), Stanbic IBTC Capital, Issuing House with the highest number of primary transaction (debt category). 

Cardinal Stone Securities Limited, Best Trading License holders across asset classes, Capital Market Correspondent Association of Nigeria, Capital market Reportage, among others.