FMDQ OTC Restates Commitment to Debt Capital Market Devt
FMDQ OTC Securities Exchange has restated its commitment to the development of the Nigerian debt capital market (DCM). The Vice Chairman of FMDQ, Mr. Jubril Aku, stated this at the DCM Conference organsied by the exchange in Lagos. He commended all stakeholders for the support given to FMDQ thus far, stating that the exchange would continue to provide the requisite platform to power growth and foster the deepening of the Nigerian DCM.
According to him, the exchange has continued to champion market transforming initiatives in the Nigerian DCM, noting that with the collective effort and support of all stakeholders, it is resolute to making the Nigerian financial markets globally competitive, operationally excellent, liquid and diverse.
Also speaking at the conference, the Vice President Yemi Osinbajo hailed the pivotal role being played by FMDQ in transforming the Nigerian DCM and called for greater commitment from the private sector to complement the government’s efforts especially in the area of infrastructure development.
He charged all participants at the conference to support the federal government’s diversification efforts by embracing the DCM and the opportunities therein.
The Minister of Finance, Mrs. Kemi Adeosun, who gave a special address, recognised the opportunities inherent in the DCM and assured the participants that the federal government was taking bold steps towards putting the necessary reforms to support private sector-led growth, even as the country exits recession.
Also, in his keynote address, the Director General of the Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo, provided an overview of the recent milestones achieved in the Nigerian DCM and further highlighted that the Nigerian Economic Recovery and Growth Plan underscores the role of the private sector in leading the growth that Nigeria desires.
“To sustainably develop Nigeria, reliance must be shifted from owners’ capital and shortterm funding from commercial banks to long-term capital from the DCM,” Gwarzo said.
Vice President & Treasurer, International Finance Corporation (IFC), Mr. Jingdong Hua, noted that for Africa to meet and maximise its potential in the global financial markets space, Nigeria must be one of its greatest engines.
He therefore, called on the government to create an enabling environment to support the DCM and also promote financial markets education for capacity building of market participants, and the general public.
There were discussions and recommendations on market and product development strategies for the Nigerian DCM, capital inflows and opportunities for operational excellence in the Nigerian fixed income and currency markets, infrastructure projects financing, sustainable finance strategy and non-interest capital market, amongst others.