Abiodun Urges Capital Market to Collaborate With FG, States in Raising Funds for Infrastructure

Ogun State Governor Prince Dapo Abiodun on Thursday advocated a collaboration between the States, Federal Government, and the Capital Market in raising funds for the provision of needed infrastructure in the country.

Governor Abiodun, who spoke as the Special Guest of Honour at the 27th Annual Conference of the Chartered Institute of Stockbrokers held in Abeokuta, noted that basic infrastructure was key in engendering socio-economic development as no country could expand its economic base without adequate infrastructure.

Prince Abiodun said the stock exchange serves as veritable source of funds, which governments can tap into for the execution of various projects, adding that Ogun State is willing to take advantage of this in the near future.

The governor said: “The stock exchange is extremely important to the economy of any country. In the case of Nigeria, they should look at how they can ensure that we have transparency, accountability, and good governance on matters that relate to the oversight and operations of the stock exchange.

“On the other hand, we can find ways to collaborate with the exchange and how the exchange can help in aggregating the required capital to provide the needed infrastructure for this country because what is required to uplift and unlock the economy of any country is infrastructure and if the capital market can take particular interest in that, every other thing will be positively impacted in multiplying effects.

“So, it is important for us to look at how the subnational and even the federal government can collaborate and partner the stock exchange to unlock the much needed infrastructure of Nigeria. You can come to Ogun State by road, rail, or by air, that is because we found the fund to achieve that.”

While emphasizing that the comparative evolution of Nigeria’s capital market and others around the world is necessary, Governor Abiodun charged the conference to deliberate extensively on how the capital market could be a veritable source of capital aggregation that can fund the much needed infrastructure and enhance the growth of local businesses to provide employment and help in economic diversification.

Abiodun expressed the hope that the conference’s deliberations and discussions would center around the methodological review of trends in the global financial market and the urgent need to domesticate the inherent prospect and opportunities for the purpose of developing the country’s financial market.

The governor, who described the theme of this year’s conference as apt, opined that it would not have come at a better time than now considering the exigencies of critical decisions that is required to turn around and transform current trend in both the capital market and the overall economy.

The state helmsman informed the stock brokers that his administration has further opened up the State for more local and foreign investors by introducing various business friendly policies and the provision of the required infrastructure, adding that the state has increased it’s ranking on the ease of doing business index.

Abiodun also disclosed that the State’s Agro Cargo Airport being constructed would soon commenced commercial operation, just as a Dry Port at Kajola, that would serve over 6,000 manufacturing firms in the state would soon come on stream.

In his welcome address, the President and Chairman of the Institute, Mr. Oluwole Adeosun, noted that the capital market play important role in the development of the economy of any nation, adding that the conference would ensure that members from all over the country, bond together in brotherhood irrespective of where they are located.

Noting that the conference will highlight the opportunities inherent for investors, Adeosun said that 122 young and distinguished professionals would be admitted as full members of the institute.

He said the conference would also witness the elevation of 52 associates to the rank of fellow in the professional category.