Akinwunmi Ambode the governor of Lagos State stated on tuesday that his administration would create enabling environment for the financial capital market to thrive.
Ambode spoke during the visit of the Nigeria/UK Emerging Capital Market Taskforce (ECMT) to the Lagos House, Alausa, Ikeja.
The delegation was led by Mr Aigboje Imoukhuede, the President of the Nigerian Stock Exchange, who serves as co-chair of the Taskforce and Former Lord Mayor, City of London, Sir Roger Gifford.
The delegation presented a report on the state of the Nigerian capital market with detailed recommendations for legal and regulatory environment to deepen the emerging markets.
Ambode said that the state had an important role to play in the process, not just as the host of the key market platforms, but as the largest issuer of sub-sovereign bonds in the Nigerian capital market.
He said that the capital market has indeed played an important role in the ability of Lagos State to achieve the level and pace of growth it had witnessed in the last decade.
Ambode commended Imoukhuede and his team for embarking on the initiative, saying it had the potential of greatly impacting the transformational development of the country’s capital market.
“I commend the ECMT delivery group and the authors of the report for the comprehensive analysis of the Nigerian Capital Market and its legal and regulatory review and recommendations.
“We have taken note of the recommendations relevant to us and are committed to working with the group closely to look at the areas where their recommendations affect the state.
“We will also do everything possible to work toward implementation,” Ambode said.
Earlier, Gifford said one of the recommendations of the report, concluded in November 2014, was aimed at reducing the cost of capital market transactions and tightening the regulatory enforcement process among others.
He said the report focused on four key areas including integrity of the market, regulatory infrastructure behind the market, market incentives and barriers as well as market development in the areas of derivatives and commodities.
“The report reviews and makes recommendations for reforms that will deepen the Nigeria Capital Market and attract both domestic and international institution players.
“This is essential to the benefit of Nigeria as we also hope it will be to the benefit of the international institutions.
“We see a win-win situation for all of us, particularly the Lagos State Government.
“We want to continue that process now over the next six months up to a year where we build capacity, strengthen the regulatory environment and deepen the considerable business links that we have between London and Lagos,” Gifford said.
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