The Federal Government on Friday reassured the business community that Nigeria remained the destination for investment.
Otunba Niyi Adebayo, Minister of Industry, Trade and Investment, stated this in a keynote address at a CEO Interactive Session for Consumer Goods sector at the Nigerian Stock Exchange (NSE) in Lagos.
The News Agency of Nigeria (NAN) reports that the interactive session was themed: “The Role of the Capital Market in Unlocking Value in the Consumer Goods Sector.”
Adebayo said the federal government’s strategic and strong reform agenda placed Nigeria 10th on the investment improvers list.
“This laudable progress is in addition to the marked improvement from 145th to 131th position on the 2019 ease of doing Business World Bank rankings.
“This progress was due to reforms initiated and implemented by the Nigerian government in providing an enabling environment for businesses to thrive,” he said.
Adebayo said the federal government remained committed to improving the business environment towards industrialisation and economic prosperity.
Adebayo represented by Mr Edet Akpan, Permanent Secretary in the ministry, said Nigeria was one of the fastest-growing consumer markets not only in Africa, but the world at large.
He said Nigeria’s consumer market was valued at 377 billion dollars in 2013 and expected to peak at 454.3 billion dollars in 2025.
Adebayo noted the growth was driven by three major factors, namely; population, urbanisation and increased spending power.
He said nations must be proactive and focused to deliver the right policies and programmes using critical institutions, both public and private.
Adebayo states that nations should boost output by providing the right environment and financing for businesses to thrive.
“This, to my mind, is where the capital market should take the lead as a financial intermediator,” he stated.
He also commended the leadership of NSE for the critical role being played in the economy by providing businesses with access to long-term funding and providing platforms to drive continuous discussions amongst Industry players, policy makers and the government.
Mr Oscar Onyema, NSE’s Chief Executive Officer, said Nigeria and other African countries needed a solid and vibrant capital market ecosystem that would attract investment and unlock the potential that in their economies.
“There is also considerable opportunity for the consumer goods sector to contribute to Nigeria’s sustainability agenda by tapping into the Green and Sustainable Finance Market.
“This represents a new stage in the development of the Nigerian capital market and opens the way to expanded international investments.
“The NSE is playing a key role to help develop this enormous opportunity for Nigeria and fulfil one of our key objectives as a member of the UN Sustainable Stock Exchange Initiative.
“This is evident in our recent partnership with the Luxembourg Stock Exchange to facilitate cross listing of green bonds and provide domestic issuers global visibility to attract international investors,” Onyema said.