Experts To Brainstorm On Nigeria’s Economic Challenges

The Capital Market Correspondents Association of Nigeria (CAMCAN) has concluded arrangements for its 2024 annual workshop, a pivotal gathering aimed at fostering dialogue and proffering solutions to challenges facing the Nigerian capital market and the broader economy.

The workshop with the theme: ‘Banks’ Recapitalisation: Bridging the Gap Between Investors and Issuers in the Nigerian Capital Market’ will take place on December 7 and 8, 2024 in Lagos. The theme highlights the critical need for collaborative efforts to strengthen Nigeria’s financial ecosystem amidst ongoing economic headwinds.

CAMCAN, in a statement, said the workshop seeks to bridge the understanding gap between investors and issuers, a cornerstone for sustainable growth in the capital market, as the banking sector navigates regulatory pressures, economic uncertainties and evolving market demands.

It noted that the theme reflects the strategic importance of banks in driving economic development and their significant role within the capital market.

According to the association, recapitalisation has become a pressing issue as Nigerian banks face the need to bolster their capital base to meet regulatory requirements, withstand global financial shocks, and support the economy’s financing needs.

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“The Central Bank of Nigeria (CBN) has implemented stringent capital adequacy standards to ensure financial stability. These reforms require banks to raise significant capital, often through the capital market, making the relationship between investors and issuers more critical than ever.

“Effective recapitalisation strategies hinge on robust investor confidence. A clear understanding of how funds will be deployed, coupled with transparent communication, is essential to attract investment and drive successful capital raises,” it pointed out.

CAMCAN said, the banking sector’s capacity to support other sectors such as manufacturing and agriculture would depend on its financial strength, saying that recapitalisation efforts are integral to empowering banks to provide the long-term financing needed for Nigeria’s economic diversification agenda.

It stated that the two-day event would bring together regulators, financial experts, bank executives, capital market operators, and policy stakeholders.

The director-general of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, will be the special guest of honour. The chairman of the Nigerian Exchange Group Plc, Umaru Kwairanga, will chair the workshop, while the managing director/chief executive officer of Cowry Asset Management, Johnson Chukwu, will be the guest speaker.

Over the years, CAMCAN has consistently championed initiatives to advance the Nigerian capital market through research, advocacy and dialogue. The 2024 workshop underscores its commitment to addressing pressing economic issues and fostering collaboration among key stakeholders.

As the Nigerian economy seeks pathways to stability and growth, the workshop’s outcomes are expected to provide actionable insights, shape policies and strategies for a stronger financial system and a more vibrant capital market.