The Vice President of the Federal Republic of Nigeria, Kashim Shettima has acknowledged that Nigeria’s Capital Market, other Markets across West Africa and Africa at large, are capable of tackling the continent’s infrastructural deficit.
The Vice President said that these infrastructural deficits are better tackled from inside and not through foreign borrowing alone.
Shettima stated this at the opening ceremony of the 3rd West Africa Capital Market Conference (WACMaC) with the theme: “Infrastructural Deficit and Sustainable Financing in an Integrated West African Capital Market” held in Lagos.
Shettima who was represented by Mr. Tope Fasua, Special Adviser to the President on Economic Affairs in the Office of the Vice President said the centrality of capital market to Nigeria’s development trajectory especially to the evolution of corporate sector, industries and most importantly infrastructural development cannot be over emphasised given that it is a time of intense competition among nations and resources.
“Innovations have turned out more than ever to be both a potent advantage and disadvantage depending on one’s readiness to engage. Indeed it is said that the best way to prepare for the future is to create it. Where are we on this? Whereas capital market development in any nation is not an easy task, much less its maintenance and sustainability.
“We must commend the efforts of entities, governments, corporates and individuals across West Africa who have over the time come together to put in the shift that got us here. There are three exchanges in the sub region, Nigeria, Ghana and Cote D’ivoire with others coming up. The question is why have other West African nations not developed their exchanges? How do they hope to leverage on the advantage of capital formation, corporate governance and also to get companies fund in them to someday play big in the global stage?” the Vice President said.
The Vice President therefore urged regulators and operators to be deliberate on how to meet the challenges the capital market presently faces by meeting young West Africans online, creating apps that they can relate with, using block chains where necessary to show transparency and to give them control that they seek.
“Show them value, solidity, history, structure, resilience, sustainability so that rather than invest in reckless risky ventures where their monies disappear on daily basis, they will learn the beauty of capital market investments and will through your efforts invest in the companies and instruments that will guarantee the future of West Africa, the very last bastion of development and opportunities in the world.
“These times calls for innovation, ingenuity, thinking ahead and at the speed of light, inventiveness, diversification of products offerings, continuous education and interaction with the public at every platform, online and offline. We have to do all that it takes legitimately to establish a solid base for our capital market to weed out unscrupulous elements who get into the market and find ways of confusing folks about their registration and affiliations with capital market regulators just to run scams on people and I know that SEC has always been pursuing a lot of these people around” he stated.
He implored West Africa Regulators and Operators to think hard to find liquidity, growth and sustainability in their markets saying if stock exchanges in developed countries like New York, London, Amsterdam, Bombay and Egypt still thrive,then there is no reason why West African exchanges should not thrive.
“There must be reasons why these entities are still thriving and those reasons are the fundamental underpinnings that must be explored to gain purpose, to find strength, to discover resilience and establish sustainability.
“My role is to encourage your work and to through these words imbue you with some additional impetus, purpose, clarity and strength as it is not over until it is over. And it should never be over for the capital market in West Africa and I am glad to see the co-operation that has been going on among you” he added.
In his opening remarks, the Director General of the Securities and Exchange Commission and Chairman of West Africa Securities Regulators Association, Mr. Lamido Yuguda stated that the Conference was conceived as a platform to address crucial issues related to the orderly growth and development of regional and continental capital markets.
The conference is jointly hosted by WASRA, the Economic Community of West African States,the West Africa Capital Market Integration Council, and the West African Monetary Institute.
Olusola Akintonde
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