With more room to redefine the exchange for international competitiveness and the largest concentration of young people in the primary market, Nigeria is in a better position to advance its capital markets locally and globally.
This was the view expressed by Vice President Yemi Osinbajo, SAN, in his keynote speech at the first Capital Market Conference of the Nigerian Exchange (NGX) Group, in Abuja.
Later in the day, the VP presided over a virtual meeting of the National Economic Council where the Council composed of all State Governors, FCT Minister, Central Bank Governor, and Federal Government officials endorsed a memo on the Finance Bill for 2022.
Highlights of the bill was presented to the Council by the Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, who explained that the proposed bill is intended to be passed alongside next year’s budget.
According to the Minister, some of the proposed legislative changes cover domestic revenue mobilization, closing tax loopholes, public financial management and tax administration reforms as well as international taxation issues.
She added that some of the principles of the proposed Finance Bill 2022 are to ensure fiscal equity, avoid double taxation, and support businesses especially MSMEs.
Members of the Council endorsed the Bill subject to a few observations to be made.
Meanwhile, while speaking on the NGX Conference theme: “The Future Ready Capital Market: Innovating for Nigeria’s Sustainable Recovery,” the Vice President stated that, “every smart investor must be looking now at how to be a part of the miracle of the Nigerian Unicorns, the about five or six indigenous Nigerian companies (driven by young Nigerians) that became billion-dollar enterprises since 2015 in the midst of two recessions.”
The Vice President, who emphasised the digital transformation of the markets, highlighted the many opportunities this move would provide for the capital markets, which includes bringing in more young investors.
He advised the adoption of technology “to bring in a new crop of young investors, many of who use their smartphones primarily for engaging with commerce and banking activities. And you have commendably begun the journey to the digital transformation of the market, following the highly successful example of the banks and, of course, the telcos.”
The VP added, “today, the huge retail outlets already created by the telcos with well over a hundred million subscribers, the wide reach of banks, especially with the numerous financial inclusion initiatives, make this probably the most auspicious moment for digitizing the capital market to bring in the millions of new young retail investors.”
The Conference also featured remarks by the Speaker of the House of Representatives, the Right Honourable Femi Gbajabiamila; Senator Ibikunle Amosun – who represented the Senate President, Ahmed Lawan; Conference chairman, and Chairman, BUA Group, Alhaji Abdul Samad Rabiu; and goodwill messages (via Zoom video) from His Royal Highness, Muhammadu Sanusi II; and the Director-General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda.
The event also had in attendance the Governor of Ekiti State and Chairman, Nigerian Governors’ Forum, Dr. Kayode Fayemi; Niger State Governor, Abubakar Bello; Edo State Governor, Godwin Obaseki; Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed; and the host of the Conference, the CEO, Nigerian Exchange Limited, Mr. Temi Popoola, among others.
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