By Peter Egwuatu
Nigeria can attract more investments in the capital market if only the Federal Government can consistently work towards creating a sound investment environment devoid of political, social risk as well as maintaining transparency.
Speaking during a panel session at a workshop organised by capital market reporters, Managing Director, Central Securities Clearing System (CSCS) Plc, Mr Haruna Jalo-Waziri, who was represented by Head, Internal Control, CSCS, Mrs Isioma Lawal, noted that for the capital market to attract more investment, transparency as well as accountability is needed.
“The Federal Government need to focus on things that re-assure investors that before they take investment decisions, key determinants such as security of investment, corporate governance, risks amongst other factors, can be guaranteed and that is what we at the CSCS stand for”, he said.
Also speaking, the Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr Oscar Onyema who was represented by the Divisional Head, Trading Business, NSE, Mr Jude Chiemeka, stressed that infrastructural gap is not only a Nigerian factor but is found amongst other African countries.
“It is a problem that cuts across Africa and to a large extent, funding is not the main issue rather the issue centers around government policies. The capital market, thus, represents a platform to provide guarantee to these investors because the government cannot do it all alone.”
Head, Debt Capital Markets, FBNQuest Merchant Bank Limited, Oluseun Olatidoye, noted that infrastructure financing remains an unsolved puzzle and urged the state governments to priortise funding for specific projects.
He said, “One of the challenges facing Nigeria is that we have so many programmes but we are not concentrating well enough on them. There is need to focus funding on specific projects and provide some form of guarantee, that way, investments can flow into the economy.”