NBCC Lists Benefits of NSE, LSE Partnership to Nigerian Economy

The Nigerian-British Chamber of Commerce (NBCC) has commended the new partnership between the Nigerian Stock Exchange (NSE) and LondonStock of Exchange (LSE), which it said, promised to become major access to capital investment for Nigeria and Britain.

The NBCC President, Adeyemi Adefulu, made the statement at the Chamber’s breakfast meeting held in Lagos recently.

Delivering a paper titled: ‘The Nigerian/London Stock Exchange Collaboration: Unveiling a Trans-Atlantic Partnership for Economic Development’, the President NSE, Mr. Aigboje Aig-Imoukhuede explained that the partnership between NSE and LSE would increase openness in the capital market, improve market transparency, strengthen regulatory environment and increase capital flow for investment between Nigeria and Britain.

Adefulu described the opportunities between Nigeria and Britain as enormous which he said was untapped.

He said the new partisanship between NSE and LSE would soon become one of the biggest accesses to capital investment in the country. He said Nigeria was set to play a significant role in British public and corporate lives.

“The LSE and NSE tie-in can only help the healthy progression.

It strikes a right cord with the NBCC’s vision as the kind of policy initiative which will release the untapped energy between Nigeria and Britain,” the NBCC boss said.

Aig-Imoukhuede who noted that LSE market capitalisation stood at six trillion dollars as at January 2015, said the “partnership will open up Nigeria for foreign investment” and enhance Nigeria’s access to capital investment.

He said the relationship with LSE was important to Nigeria because of the nation’s long time tie with Britain, adding that the NSE has got so much to learn from LSE, for instance its corporate governance which is very strong.

The NSE boss expressed satisfaction with the rate at which companies listed on the Nigerian Stock Exchange pay tax.

He therefore encouraged telecommunications companies, the Liquified Natural Gas (LNG), mining firms, among others, to get listed to further boost financial activities at the market, adding that he is not comfortable with enacting law to compel them to do so.