Vice President Kashim Shettima emphasized the necessity of the direct engagement of capital market stakeholders to mitigate Nigeria’s staggering $3 trillion infrastructure deficit. He advocated at the West Africa Capital Market Conference in Lagos for innovative digital products tailored to youth engagement in stock markets.
According to a report by The Guardian, Shettima underscored the immediate imperative to confront Nigeria’s infrastructure chasm, a situation reflective of broader deficits in West Africa. He argued for internal solutions over foreign borrowing for these shortfalls. Highlighting the capital market’s pivotal role in national development, especially in industrial and infrastructural sectors, Shettima encouraged innovation and diversification in market approaches.
“It’s an era of fierce global competition where technological advancements allow products to permeate international borders, affecting economies worldwide,” Shettima observed, stressing proactive action. He commended entities striving for market solidity, cautioning against fraudulent elements exploiting the system’s complexity.
Shettima expressed concern about the limited number of functional exchanges in West Africa, referencing Nigeria, Ghana, and Cote d’Ivoire as the main players, and questioned the preparedness of other nations in the region to harness capital formation benefits.
He suggested youth-friendly strategies, including relatable apps and blockchain technology, to enhance market transparency and accessibility. Lagos State Governor Babajide Sanwo-Olu acknowledged the critical cooperation among regional bodies, affirming government cognizance of the urgency of sustainable financing in addressing infrastructural deficits vital for economic progression.
Conversely, the Nigerian Exchange Limited recorded a downturn, with market capitalization dropping by N7 billion. This decline, marked by depreciations in significant stocks, contrasted with positive market sentiment, evidenced by gains in companies like Multiverse Mining and Exploration and Chams Holding Company.
