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FG, NSE Deepen Relationship To Boost Growth In Capital Market

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The federal government and the Nigerian Stock Exchange (NSE) have further deepened their relationship in boosting the Nigerian capital market.

This was made known by both, the NSE and federal government at the Closing Gong Ceremony in commemoration of the successful completion of the reforms under National Action Plan (NAP) 4.0 at the Exchange, yesterday.

NAP 4.0, ran from March 1 to April 29, 2019 with the aims to further reduce the challenges encountered by Small and Medium Enterprises and businesses in identified areas of focus such as starting a business, getting credit, paying taxes, enforcing contracts or trading within and across borders by eliminating critical bottlenecks and constraints to doing business in Nigeria.

Speaking, the minister for Industry, Trade and Investment, Dr. Okechukwu Enelamah said that “This partnership will make our capital market better and stronger.

“We want the partnership between the government and private sector that will be reflected on our stock exchange”

He stated that “We want businesses in the country to do well and this is the role of the Presidential Enabling Business Environment Council, which is primarily to support businesses to prosper.”

He noted that this is in line with the commitment to deliver reforms aimed at improving the enabling environment for doing business in Nigeria through systemic interventions.

Enelamah added that “We look at this partnership as extremely important and therefore what we are doing today is not only symbolic, but significant.

We hope it will lead to a better cooperation and relationship between the stocks market and the government and within the private sector and the government.”

The chief executive officer of NSE, Oscar Onyema noted that there is been a lot of progress in improving ease of doing business in Nigeria, saying that Nigeria has been moved from 169 position in ease of doing business ranking to about 126.

Also, senior special assistant to the President on Industry, Trade and Investment (SSA- ITI), Dr. Jumoke Oduwole said that the Presidential Enabling Business Environment Council has been working for the past few year to make Nigeria a progressive easier place to do business.

She noted that “It is a journey, though we are not there yet but we are thankfully for the support we received from the Nigerian Stock Exchange (NSE), particularly, on the legislature aspect of the new Companies and Allied Matters Act that will be signed into law by the President very soon.

According to Oluwole, the NAP that was launched 2016 has finished today with 63 per cent even in an election year and this is because we have been committed to working with various government ministries, agencies and state government, especially Lagos and Kano State, making sure we are working in the same director in growing the Nigeria economy.

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