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Minister of Power, Works and Housing, Babatunde Fashola has stated that there is need for increased capital spending on critical infrastructure if Nigeria must witness meaningful economic rebound. Aside infrastructure development, he said diversification of income base with more focus on agriculture and mining will also enable the country to compete favorably in the global space.
Fashola, while addressing participants at the NSE-LSE Dual Listing Conference held in Lagos yesterday said these key areas need to be prioritised due to their contributions to national development and capacities to generate multiplier effects and employment on a large scale and reduction on the importation of goods and services that could be produced locally would boost the country’s foreign reserve and increase savings.
Also speaking, Chief Executive Officer of the Nigerian Stock Exchange, Oscar Onyema said the theme of the conference; ‘Attracting Global capital to drive Nigeria’s Economic Reforms and sustainable Growth” is quite topical at a time when the government grapples with the task of articulating a clear economic blue print for the short to midterm within which credible fiscal and monetary policies can emerge. “It is my strong belief that one of the things that Nigeria (and Africa) needs to sustain its growth, is a solid and vibrant capital market ecosystem that will attract investment and unlock the potential that exists in the economy.
Our collaboration with the London Stock Exchange is strategic. It is geared at encouraging seamless cross-border access between our capital markets to ultimately drive deeper capital markets that enable capital formation for businesses and governments; create larger liquidity pools and greater competitiveness for our investors; and enhance capacity and promote diversity of investment products to meet the needs of a wide range of investors and issuers.”