The Chief Executive Officer, NASDAQ Stock Exchange, Adena Friedman has not confirmed participation at this year’s Stockbrokers’ Conference, scheduled for Wednesday, November 4 to Thursday, November 5, 2020. This supersedes the initial publication that he is among the key speakers at the high profile Conference. A statement from the Chartered Institute of Stockbrokers (CIS) revealed that the initial story of his confirmation was a mix up and should be ignored. According to the Institute, the error is regretted.
Meanwhile, as the preparation for the Conference builds up, financial experts are expected to review the roles of the Nigerian financial market towards providing fund for infrastructure and other capital projects at the Conference, the 24th edition in the series and the first in both physical and virtual mode.
The hybrid Conference, has the Theme: “ Navigating through the Storms-Reenergizing the Economy through the Capital Market”, with numerous sub-themes on contemporary issues in the financial market. On the list of speakers are: the Chief Executive Officer, World Federation of Exchanges (WFE), Nandini Sukumar, Chief Executive Officer, The Nigerian Stock Exchange, Mr Oscar Onyema and Robin Tucker, Head, Solution Delivery, Core Assets, Johannesburg Stock Exchange.
“ The outbreak of the COVID-19 pandemic has aggravated the Nigeria’s fragile economy. The sharp drop in government revenue has made it more difficult for the government to weather the crisis. This resulted to decline in consumption, aggregate demand, investment, net export and increasing government spending. The Federal Government had to review the budget downwards to N10.8tn. The trend informed our focus on how the Nigerian capital market can assist to bridge the infrastructure deficit and funding gap in the Country.
“ We believe that the 29% allocation to capital expenditure –about N3.4tn 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. Our overriding objective for the Conference is to provide direction for both fiscal and monetary authorities to deploy expansionary policies for sustainable growth and development.
“ Capital market provides a better funding options in terms of cost and tenor, relative to bank loans. Our panelists shall also examine investment options for diversification of portfolios across asset classes and beyond the traditional asset classes. We plan to examine how the proposed CAMA 2020 will benefit the capital market as well as provide context on how The Nigerian Stock Exchange’s Demutualization shall benefit the capital market stakeholders.” Says Olatunde Amolegbe, the Institute’s President.
Federal and State Governments had several times raised capital through the market to fund development projects. Recently, the Federal Government raised N200 billion through its Sukuk 1 and 11 to fund over 26 roads across the six geopolitical zones in the country.
Nigeria, the largest country in Africa by population, is battling with myriad of economic challenges. Its ability to realize optimal economic potentials is constrained by structural issues, including inadequate infrastructure, limited foreign exchange capacity, trade barriers, growing unemployment, investor apathy, spiraling inflation and other macroeconomic vagaries.