NSE Boss Tasks Stockbroking Firms on Investment in Agric Sector

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has urged stockbroking firms and players in the agriculture sector to develop financial products that would attract investments to the sector.

Onyema said this while speaking at a symposium themed: “Tapping into Investment Opportunities in Agribusiness Value Chain,” that was organised by the NSE and the Nigerian Stockbrokers Agribusiness Group (NSBAG), to mark the 2018 World Agriculture Day(WAGD) in Lagos. WAGD is celebrated on June 11, as an annual event aimed at highlighting the importance of agriculture to economic development as well as call for solutions to the challenges faced in the sector.

In his goodwill message delivered by the Group Head, Corporate Communications, Mr. Olumide Orojimi, Onyema said the Exchange had always played a crucial role in the agricultural business sector and has five companies listed on the exchange. The companies are: Ellah Lakes Plc; FTN Cocoa Processors Plc; Livestock Feeds Plc; Okomu Oil Palm Plc and Presco Plc.The NSE boss, who lauded NSBAG for the initiative around the symposium, urged dealing member firms and agriculture sector players to work together to develop an agro-product for the capital market.

The keynote speaker and Co-founder of Cellulant Nigeria, Mr. Bolaji Akinboro in his presentation averred that agriculture must be seen as a business, for the value chain to grow across the nation.

Akinboro said as a leading agric-fintech firm, Cellulant had successfully raised $47.5 million and been focused on providing service delivery and investments in the sector.

According to him, Nigeria’s agro industry is currently valued at about $50 billion while that of Africa was pegged at the range of about $450 billion, indicating massive investment opportunities. The event also featured a panel session with Head, Agric Finance, Diamond Bank Plc, Lois Sankey; President, Chartered Institute of Stockbrokers, Mr. Adedapo Adekoje; Ag CEO, Lagos Commodities Exchange, Mr Akinsola Akeredolu-Ale; Doyen of stockbrokers, Mr. Samuel Ndanta as panelists.