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Nigeria will be out of recession soon,’ says British envoy

By Helen Oji   |   06 October 2016   |   4:49 am
British High Commissioner in Nigeria, Mr Paul Arkwright

British High Commissioner in Nigeria, Mr Paul Arkwright

The British High Commissioner to Nigeria, Paul Thomas Arkwright has assured that the country will be out of the recession soon.

The High Commissioner said the United Kingdom would sent its expertise to Nigeria to fast-track the nation’s rebound.

Speaking during the Closing Gong Ceremony, at the Nigerian Stock Exchange in Lagos yesterday, Thomas Arkwright said part of his duty in the country was to ensure that more British companies are encouraged to list on the stock market as well as help build a stable economy.

Thomas Arkwrite who described the Nigeria Stock Market as a vibrant one, notwithstanding the economic downturn, explained that the market mirrors the entire economy, adding the stock market remains the only channel through which both local and international companies can raise capital to finance huge projects.

“There is a strong partnership between the Nigerian Stock Exchange and the London Stock Exchange. Part of my duty here is to encourage British companies to come and list their shares.

“I know we are looking at the time of economic difficulty in Nigeria. I know the market reflect the economic situation here. But I am confident that in the immediate to medium term, perhaps in the short-term, Nigeria will turn the corner, and the economy will pick-up, employment will pick-up and inflation will come down.

“The United Kingdom is a willing partner to Nigeria. We have a strong and healthy Stock Exchange in London, and there is the expertise that can be shared here with the Nigerian Stock Exchange.That is part of the job to find how we can corporate economically”, he added.

Speaking on how soon British companies would approach the nation’s market for listing, he said; “Nigeria has a way to go, you know Nigeria is still low on the index in doing business.

“British companies need to have confidence that they can take their returns. But am optimistic that British companies will come here, and Nigeria being able to turn the corner.”

The Chief Executive Officer of the NSE, Oscar Onyema reiterated the commitment to zero tolerance for infractions in the equities market, noting that the stock market is a veritable place to leverage in terms of cheap finance

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Paul Thomas Arkwright

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