By PETER EGWUATU
The Nigerian Stock Exchange, NSE and United Kingdom, UK are strategizing on how to build and expand capital flows into Nigeria.
The President of NSE, Mr. Aigboje Aig-Imoukhede, who disclosed this weekend shortly after a closed door meeting with British High Commissioner, Mr. Andrew Pocock in Lagos, said “We discussed on how to expand trade and capital flows between Nigeria and Uk.
The managements of London Stock Exchange Group (LSEG) and the Nigerian Stock Exchange (NSE), had already signed a capital markets agreement that supports African companies seeking dual listings in London and Lagos.”
According to him “The deal, which was for an initial period of two years, was signed by Nikhil Rathi, Head of International Development, LSEG, and Oscar Onyema, Chief Executive Officer (CEO), NSE. The signing of the deal was witnessed by Sir Roger Gifford, UK Co-Chairman of the UK Government’s Nigeria Emerging Capital Markets Task (ECMT) Force, and myself, Co-Chair.
The agreement follows the implementation earlier this year of a new settlement process between the UK and Nigeria. This made significantly more efficient, the listing and trading of ordinary shares of Nigerian companies listed in London, as well as those of UK companies on the Nigerian market.”
Aig-Imoukhede stated that their goal is to ensure that all companies that have substantial operations in Nigeria are accessible to both Nigerian and international investors. “In addition, we will be ensuring that our leading companies achieve the global profile and international institutional investment they deserve. The collaboration will help in building capacity for the market operators. We are still an infant in the terms of development when you compare us to UK. It is an opportunity to leverage upon. Also we don’t have a UK institution in Nigeria, so this cooperation will attract companies from UK to establish in Nigeria” he emphasized.
In his own comment, British High Commissioner, Pocock said “The UK will like to help Nigeria in areas like Agriculture and Education as part of its support in helping Nigeria diversify the economy. We would like to expand our interest in value adding businesses.
According to him “Lagos as a mega city should have multiplier effect in the development of other states in the country. There are great potentials in this country ad that is what we are looking at developing. If in the next five to ten years there is a good private and public sector collaboration the better it will be for the country in terms of scale production, infrastructure development etc.”