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FG willing to work with private sector to revive economy, says Buhari

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Nigerian Stock Exchange

President Muhammadu Buhari has congratulated the management of the Nigerian Exchange Limited (NGX) on the successful conversion of the defunct Nigerian Stock Exchange (NSE) into a public company.

The President spoke, yesterday, at the NGX virtual launch of the ‘Stock Africa Is Made Of’ campaign to unveil the exchange’s new identity as well as amplify NGX Group’s positioning and commitment to the African financial markets.

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Delivering his remarks before sounding of the closing gong, the President assured Nigerians that the Federal Government would continue to engage and collaborate with the private sector to improve lives and transform the country’s economy.

He affirmed that the exchange has continued to play its part in nation-building by stimulating economic growth and providing a platform for businesses to raise capital.

He said: “Let me start by congratulating Nigerian Exchange Group Plc on its recently-concluded demutualisation, which is the first in the country. I recall signing the demutualisation Bill in August 2018, paving the way for the long-awaited demutualisation of the then NSE.

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“It is my pleasure to join you all at this important event organised to amplify the positive narrative about Africa and its great potentials. The occasion of the demutualisation of the NSE is yet a proud moment for all of us. Indeed, all Nigerians deserve congratulations for this feat as it is the beginning of a new era for the capital market.

“The exchange continues to play its part in nation building by stimulating economic growth and providing a platform for businesses and individuals to save and raise capital through innovation, diversified products and services, enabling regulatory environments and much more.”

Also speaking at the event, the Minister of Finance, Budget and National Planning, Zainab Ahmed, described the demutualisation of the exchange as a landmark event that generated intense global interest.

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According to her, the exercise is critical for the development of the Nigerian capital market (NCM) because it would enable the exchange to build new strategic partnerships, achieve capital raising flexibility and improve its operational efficiency.

She said the transition is expected to deepen the investor base of the exchange as it unlocks opportunities for domestic and institutional investors to create significant economic value by bringing the capital market in line with prevalent international practice and standards resulting in enhanced governance.

NGX group, Abimbola Ogunbanjo, assured that the NGX group is better positioned to support sustainable economic development, provide a wide range of services including listing and trading of securities, licensing, data solution and regulation, real estate among others.

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“Our story is one birthed from resilience, collaboration, determination and continued focus on our vision. A true Africa story! With demutualisation, NGX Group is positioned to enable strong economic growth and contribute its quota to the development of the Nigerian capital market, and the African Continent.”

On his part, the Group Managing Director/Chief Executive Officer, NGX Group, Oscar Onyema said: “At Nigerian Exchange Group Plc, we have the vision to be the premier exchange hub for Nigerian businesses and for the wider African economy, building on the strong reputation and corporate governance the NSE has established over the years.

“As we march bravely into the NGX era, we look forward to impact and create partnerships that will unlock value for our stakeholders, whilst improving the state of the Nigerian economy. It is a period to reinforce on the global stage, our great African pedigree and the ‘Stock Africa Is Made of.”

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