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From Left: Oscar N. Onyem, Chief Executive Officer, NSE and Paul Thomas Arkwright, British High Commissioner to Nigeria at the Closing Gong Ceremony at the Exchange today.
Recession: Nigeria will soon be out of economic downturn-British High Commission
…To Provide Technical Expertise For Recovery
FRIDAY EKEOBA
In line with its positive trade partnership with the domestic economy, the British High Commissioner to Nigeria, Mr. Paul Thomas Arkwright has assured that the country will in the shortest possible turn a new corner from the present economic upheaval it has find itself.
The High Commissioner said to this end, the
United Kingdom will be making available its expertise to Nigeria to enable it recover from its present recession.
Addressing capital market repoerters on the floor of the Lagos Stock Exchange, after the
Closing Gong Ceremony, Thomas Arkwright said part of his duty in the country was to ensure that more British companies are encouraged to list on the stock market as well as help build a stable economy.
Thomas Arkwrite who described the Nigeria Stock Market as a vibrant market notwithstanding the economic downturn, explined that the stock mirrors the entire economy, adding the stock market remains a sure place for Nigeria and the international companies to raise capital.
“There is a strong partnership between the Nigerian Stock Exchange and the London Stock Exchange. Part of my duty here is to encourage British companies to come and list thier shares. I know we are looking at the time ofeconomic difficulty in Nigeria. I know the market reflect the economic situation here. But am confident that in the immediate to medium, peharps in the shortterm, Nigeria will turn the corner, and the economy will pick-up, employment will pick-up and inflation will come dowm.
“The United Kingdom is a willing partner to Nigeria. We have a strong and healthy Stock Exchange in London, and there is the expertise that can be shared here with the Nigerian Stock Exchange.That is part of job to find how we can corporate economically”, he added.
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.
The Chief Executive Officer of the NSE, Mr. Oscar Onyema while wellcoming the British High Commissioner, reiterated the zero tolerance of the equities market, noting that the stock market is a veritable place to leverage on interms of cheap finance.
