Nigeria must develop a productive economy: Governor Obaseki

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 dependent on imports.

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

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

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

He noted that with the quality of those who manage the capital market and other sectors of the economy in Nigeria, it has what it takes to grow the economy.

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

  • “The statistics showed that most countries with stable economies have viable capital markets. Since we want to rescue the nation from its rotten past, we must encourage the viability of the capital market.
  • For us, in Edo, we host three publicly traded companies, two from the agricultural sector which are Okomu Oil and Prescoe Oil, and the third which is BUA Cement. And I think that what we are doing now in Edo state generates more companies that will look for capital in the stock market.”.

Securities and Exchange Commission (SEC) Director General Mr. Lamido Yuguda praised NGX for its technology and financial innovation in the post-COVID pandemic.

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Innovation: Yuguda represented by Ibrahim Boyi, Executive Commissioner for Corporate Services, noted that technological innovation over the years has significantly altered the way things are done in the marketplace.

He said that innovative initiatives such as dematerialization, direct cash settlement and electronic dividend, among others, have helped the way things are done in the market.

  • “Long-term sustainability in the market requires innovation, the fundamental result of innovation includes maximum return on investment and increased production. The cumulative effect of adopting innovative practices lowers the cost of doing business,” he said.

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

Among those who were recognized and won awards are Pilot Securities Limited, which received the Highest Compliant Business License Award, Meristem Capital Limited, issuer with the highest number of primary transactions (capital category), Stanbic IBTC Capital, Issuing House with the highest number of primary transactions (debt category). Cardinal Stone Securities Limited, Top Trading License Holders Across Asset Classes, Nigerian Capital Market Correspondents Association, Capital Market Reporting, among others.

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