Edo State Urged to Access Capital Market to Fund Projects

The doyen of stockbrokers and former Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Rasheed Yussuf, yesterday urged the Edo State Governor, Mr. Godwin Obaseki, to raise funds from the capital market to finance the various developmental projects of the state.

Yussuf, who spoke on behalf of his colleagues, on the floor of the Nigerian Stock Exchange (NSE), during the visit of Obaseki, said the market operators were happy to welcome the governor, who is also a stockbroker.

Assuring the governor of the support of the capital market community, Yussuf said this is the time the government should make use of the capital market, adding the market still remains the best avenue for raising long-term capital for the financing of infrastructure, agriculture and other projects.

Speaking, Obaseki said he was at the Exchange to solicit for the support of the capital market community towards the forthcoming National Sports Festival (NSF), to be hosted by the Edo State from March 22 to April 1, 2020.

According to the governor, the market has always have the tradition of supporting sports, explaining that about 25 years ago, the President of the NSE then, the late Chief M.K.O Abiola chaired the fund raising event for the Olympic games for that year.

He said:“Today, we are here to solicit the support of the capital market community in participating and supporting the NSF. The NSF is very important not only because it caters to the interests of young people but also it is an event put together in uniting the country.”

He stated that the sport festival and the National Youth Service Corps (NYSC), are among the policy instruments the government, after the civil war, used to unite the country.

“Edo State is using this sport festival as one of its contributions in also enhancing unity in the country,” he said, adding that the state will come at an appropriate time to raise one or two instruments for development.

In his comments, the Chief Executive Officer of NSE, Oscar Onyema said: “The governor has been doing quite a lot since he became governor including: civil service reforms, Edo Production Centre, Edo Innovation hub, the new enterprise and industrial hub, among others. All these initiatives require funding, which the market can finance and as the governor has said, the state may be issuing one or two instruments in the future.”