The Vice President Kashim Shettima has said that the infrastructural deficit in the West African sub region is better tackled from inside and not through foreign borrowing alone, and that the job of the capital market in Nigeria and across the region is therefore cut out for it and this extends to Africa at large.
Shettima stated this at the opening ceremony of the 3rd West Africa Capital Market Conference (WACMaC) with the theme: “Infrastructural Deficit and Sustainable Financing in an Integrated West African Capital Market” held Wednesday in Lagos.
The Vice President, who was represented by Mr. Tope Fasua, Special Adviser to the President on Economic Affairs in the Office of the Vice President of the Federal Republic of Nigeria, said the centrality of capital market to Nigeria’s development trajectory especially to the evolution of corporate sector, industries and most importantly infrastructural development cannot be over emphasized.
He added that it is a time of intense competition among nations and resources, and with advancement in technology, nations are able to reach nations with their products just as businesses have their fingers in billions of pockets the world over.
In his opening remarks, Director General of the Securities and Exchange Commission and Chairman of West Africa Securities Regulators Association, WASRA, Mr. Lamido Yuguda stated that the Conference (WACMaC) was conceived as a platform to address crucial issues related to the orderly growth and development of regional and continental capital markets and jointly hosted by WASRA, the Economic Community of West African States (ECOWAS), the West Africa Capital Market Integration Council (WACMIC), and the West African Monetary Institute (WAMI).
Yuguda said, “In 2010, the establishment of the West African Capital Market Integration Council (WACMIC) marked the inception of our collaborative effort to create a seamless and unified capital market within West Africa. Five years later, the formation of the West Africa Securities Regulators Association (WASRA) further solidified this commitment to harmonizing the regulatory environment for financial securities issuance and trading.
“WACMIC and WASRA bring together the securities exchanges, central securities depositories and commissions of the sub-region, comprising Cape Verde, Ghana, Nigeria, and the Union Economique et Monétaire Ouest Africaine (UEMOA), with Morocco as an observer member. Our mission, as outlined in the ECOWAS Commission Treaty, is to facilitate the issuance and trading of financial securities across the region,” he said.
In an address, Executive Governor of Lagos State Mr. Babajide Sanwo-Olu said the co-operation between the various bodies fortifies the bedrock of the W/African region fostering a collaborative spirit among member states.
Sanwo-Olu said governments are actively aware of the imperatives of addressing infrastructure deficit and sustainable financing in the region.
He said the theme of the conference is especially apt for the moment as across the sub region, modern infrastructure such as roads, rails, ports, fibre optics connectivity power etc. are largely inadequate.
“These perennial inadequacies have hindered the economic growth of our various nations and economic development of our people. It behoves therefore on us to deliberate on ideas, financial strategies that can bridge these infrastructural gaps, enhancing the quality of life of our people and propelling our economy to greater heights,” the governor added.
