The British High Commissioner to Nigeria, Mr. Paul Thomas Arkwright yesterday described the Nigerian capital market as a vibrant one with huge potential despite the current economic challenges.
Speaking on the floor of the Nigerian Stock Exchange (NSE) after performing the Closing Gong ceremony in Lagos, Arkwright said the market remains a sure place for Nigerian and international companies to raise capital.
According to him, part of his duty in the country is to ensure that more British companies are encouraged to list in the stock market as well as help build a stable economy.
He explained that the stock mirrors the entire economy, insisting that the stock market remains a sure place for capital raising.
“There is a strong partnership between the NSE and the London Stock Exchange. Part of my duty here is to encourage British companies to come and list their shares. I know we are looking at the time of economic difficulty in Nigeria. I know the market reflects the economic situation here. But am confident that in the immediate to medium, perhaps in the short term, Nigeria will turn the corner, and the economy will pick up, employment will pick up and inflation will come down,” he said.
Arkwright disclosed that the United Kingdom is a willing partner to Nigeria. Noting that the UK has a healthy Stock Exchange in London, and there is the expertise that can be shared here with the NSE.
Speaking on how soon British companies will be seen coming to have their shares listed on the local bourse, the British High Commissioner however reiterated that “Nigeria has a way to go, you know Nigeria is still low on the index of doing business with. British companies need to have confidence that they can take their returns. But am optimistic that British companies will come here, and Nigeria being able to turn the corner.”
While welcoming the Arkwright, the Chief Executive Officer of the NSE, Mr. Oscar Onyema, said the market is a veritable place to leverage on in terms of cheap finance.XXX