The Vice President of Nigeria, Kashim Shettima, has called for active participation of capital market stakeholders in addressing Nigeria’s substantial $3 trillion infrastructure gap. He also emphasized the importance of creating digital technology products to attract young investors to the stock market. These statements were made at the third West Africa Capital Market Conference (WACMaC) with the theme “Infrastructural Deficit and Sustainable Financing in an Integrated West African Capital Market.”
Key Points:
- Addressing Infrastructure Deficit:
- Shettima highlighted the urgent need to tackle Nigeria’s infrastructure deficit, emphasizing that this challenge extends to the entire West African region. He stressed that addressing this issue requires more than foreign borrowing and calls for local initiatives.
- Capital Market’s Vital Role:
- Shettima underscored the central role of the capital market in Nigeria’s development, particularly in corporate sector growth, industrial progress, and infrastructural development.
- Innovation and Technological Engagement:
- He emphasized the need for innovation, forward-thinking strategies, and technological engagement to prepare for the future effectively. Creating a strong foundation for the capital market and combating fraudulent practices were also highlighted.
- Empowering Youth Participation:
- Shettima urged the development of apps and technologies that resonate with young investors. He suggested leveraging blockchain technology and enhancing market transparency to encourage youth participation.
- Collaborative Efforts:
- Lagos State Governor, Babajide Sanwo-Olu, emphasized the importance of collaboration among member states in the West African region to address infrastructure deficits and sustainable financing.
Market Update:
- The equities sector of the Nigerian Exchange Limited (NGX) experienced a slight downturn, with market capitalization decreasing by N7 billion. The All-Share Index (ASI) dropped by 11.61 points, representing a 0.02 percent decline. This was influenced by losses in 19 stocks, including United Bank for Africa (UBA), Eterna, and Nigerian Breweries.
Conclusion: The Vice President’s call for active involvement of capital market stakeholders in addressing Nigeria’s infrastructure deficit highlights the critical role of the financial sector in driving economic development. The emphasis on innovation, youth engagement, and technological advancements underscores the need for forward-thinking strategies in shaping the future of Nigeria’s capital market. Additionally, collaborative efforts among West African states are deemed essential in tackling regional infrastructure challenges.