President Muhammadu Buhari has said that he is willing to cooperate with the private sector to improve the lives of Nigerians.
He also said that the demutualisation exercise would assist the government to raise funds for the budget.
Buhari said these on Tuesday at the Nigerian Exchange Group event ‘The Stock Africa Is Made Of.’
The event was held to commemorate the demutualisation of the Nigerian Stock Exchange.
He said, “Our administration will continue to listen, engage and collaborate with the private sector in a bid to improve lives of and transforming our natio
“The occasion of demutualisation of the Nigerian Stock Exchange is a proud moment for all of us. The demutualisation has brought about the democratisation of the imported institutions such as the exchange.”
Buhari had signed the demutualisation papers in August 2018, a proposal first discussed in 2001.
Upon approval by the Securities and Exchange Commission, the NSE was transitioned into a new operational structure and holding company.
Nigerian Exchange Group has three operating subsidiaries.
They are the Nigerian Exchange Limited, the operating exchange; NGX Regulation Limited, the independent regulation company; and NGX Real Estate Limited, the real estate company.
The President said the demutualisation of the NSE re-writes the lopsided story about African investment.
According to him, the NXG is a huge link between Nigeria, Africa and the rest of the business world.
“Today all Nigerians deserve congratulations to this initiative because it is a new era for the capital market,” he added.
The Minister of Finance Budget and National Planning in an earlier remark said the exchange has government’s full backing.
“I am particularly delighted to see this milestone achievements and I believe that the demutualisation will help facilitate the loan factor to support the Federal Government’s initiatives and infrastructural projects.”
She said the demutualisation will also help corporate firms and financial institutions in raising capital for expansi
The Minister of Trade and Investment, Otumba Adeniyi Adebayo, also noted that the demutualisation will enable the right investors flood the country.
He also hinted that the exercise would import the needed technology into the country.
The Securities and Exchange Commission DG, Lamido Yuguda, said with the demutualisation, the exchange will have access to greater capital for to remain competitive.
He revealed that concrete steps to demutualise the NSE only began in 2011, during the Goodluck Jonathan’s Administration.