The Capital Market Correspondents Association of Nigeria (CAMCAN) has concluded plans to hold its 2023 annual workshop, a strategic forum to articulate issues that can move the Nigerian capital market and economy forward.
The workshop, scheduled to hold on December 2 and 3, 2023 at Orchid Hotels, Ajah, Lagos, is being organised by the association as part of its efforts to contribute to the development of the country’s capital market and economy.
This year’s workshop is coming at a period when all hands must be on deck to address the challenges facing the economy and the capital market in particular.
This year, experts, regulators, and other stakeholders will gather to discuss the theme: ‘Leveraging Capital Market in Financing the National Development Plan.’
Development planning in Nigeria over the years has been constrained by the failure of the Nigerian leadership to properly envision true development plan and proper utilisation of the capital market in economic development.
The association, in a statement, said the theme was predicated on the compelling need to properly execute the National Development Plan, with the capital market as the hub of medium-and long-term sources of finance.
According to CAMCAN, national development is the highest priority of the government and to achieve this government must unlock all constraints to ensure that economic growth is enhanced, inclusive and sustainable over the plan period and beyond to generate employment and reduce poverty.
The role of the government will go beyond the normal provision of the enabling environment to include the qualitative participation in vital sectors of the economy that will open opportunities for the private sector to be a major engine of growth.
Nigeria’s National Development Plan was formulated against the backdrop of several subsisting development challenges in the country and the need to tackle them within the framework of medium- and long-term plans.
These challenges include low and fragile economic growth, insecurity, weak institutions, insufficient public service delivery, notable infrastructure deficits, climate change and weak social indicators.
The plan seeks to invest massively in infrastructure, ensure macroeconomic stability, enhance the investment environment, improve on social indicators and living conditions, implement climate change mitigation, adaptation and resilience strategies, amongst others.
Specifically, the plan introduced in 2021 aims to generate 21 million full-time jobs and lift 35 million people out of poverty by 2025; thus setting the stage for achieving the government’s commitment of lifting 100 million Nigerians out of poverty in 10 years.
The country can achieve these targets through high quality economic growth and a more inclusive economy, leveraging its young workforce, and enhancing implementation capacity at national and subnational levels.
With effective implementation, Nigeria will progress significantly on the path of unlocking its potential in all sectors of the economy for a sustainable, holistic and inclusive national development.
CAMCAN noted that for government to achieve this, it is crucial to leverage the potential of the capital market, saying that capital market is a critical pillar to long term fund mobilisation needed for capital formation to fast track economic growth and development.
“The short-term funding profile of the money market makes it unsuitable for project infrastructure investment hence the capital market, which creates an enabling environment for the generation of long-term financing and active private sector participation in infrastructure development,” it added.
The Guest Speaker, Uchenna Uwaleke, a Financial Economist and Professor of Capital Market at the Nasarawa State University, Keffi, will bring to fore ways government can use the capital market in implementing the National Development Plan.
The workshop will feature a panel of discussion from regulatory organisations and operators in the capital market, who will discuss and bring more perspectives to the guest speaker’s presentation.
The workshop will be declared open by the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, who will be the Special Guest of Honour, while the Chief Executive Officer of the Nigerian Exchange (NGX) Limited, Mr Timi Popoola and CEO of FMDQ Plc, Mr Bola Onadele, will be the guests of honour.
BUA Group, the Platinum sponsor, would be leading other sponsors to the workshop including: Fidelity Bank Plc, United Bank for Africa, VFD Group, FMDQ Group, NGX Limited, Ardova Plc, Seplat Energy and Zenith Bank, among others.