Peterside: Nigeria Has Attained Milestones in Economic Reforms

27 Feb 2013

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Chairman of Stanbic IBTC Holdings Plc, Mr. Atedo Peterside 

Eromosele Abiodun
Chairman of Stanbic IBTC Holdings Plc, Mr. Atedo Peterside, has said that Nigeria’s quest for economic growth and development attained important milestones in the last 12 months, with the power sector, capital market, ports, agriculture and foreign direct investments recording significant improvement.

He stated that Nigeria’s economy had reached a threshold, a critical phase during which the country will accelerate the realisation of its vast economic potentials and deliver growth on a sustainable basis.
Peterside made this known while speaking at the 2013 Standard Bank West Africa Investors’ Conference in Lagos.

Peterside, who is also Chairman of the Technical Committee of the National Council on Privatisation, said Nigeria’s economic fundamentals are getting stronger every day.

This, he said, is pivotal in helping investors to leverage the attractive investment opportunities that existed in the country and to derive optimal value from such investment.

“We all know that a tipping point only becomes unmistakably clear after the fact when one has joined the ranks of those who are left to ponder how they could possibly have missed out,” Peterside stated.

The conference, the fourth in the series, had the theme, “Nigeria: Enabling the next level’’, and had over 200 participants from local and international fund management companies, as well as blue chip companies from Nigeria and other markets.

With respect to the power sector, Peterside disclosed that preferred bidders for 10 out of the 11 distribution companies and four out of the five generation companies slated for privatisation had been selected. “We also have a contract in place for the private sector management of Nigeria’s transmission network by a world class operator (Manitoba Hydro International of Canada),” he added.

On the Nigerian capital market, he noted that there had been a doubling of the daily trading band, while the introduction of market-making initiative had helped to boost liquidity in the equities market.

Going forward, Peterside said all stakeholders should look beyond the broad themes and focus increasingly on the details of execution.

Also speaking at the occasion, Chief Executive Officer of Stanbic IBTC Stockbrokers Limited, Mr. Oladele Sotubo, said the Standard Bank West African Investors Conference, was one of the initiatives of the group aimed at nurturing the capital market and economy back to full recovery by facilitating direct information exchange between institutional investors and the executive management of companies listed on the Nigerian Stock Exchange (NSE), as well as non-listed companies. It is also meant to facilitate the inflow of capital into Nigeria by fund managers with keen interest in investing in Africa.

“Besides the direct impact which these exchanges make on the Nigeria capital market, the conference provides both local and international investors with opportunities to meet with some of the companies they have investments in, or in which they hope to make investments. It also serves as a bridge to connect these investors to opportunities inherent in Africa’s investment potentials,” Sotubo stated.

Tags: Business, Nigeria, Featured, NAICOM, Atedo Peterside

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