NGX will connect SMEs with investors for economic growth

Nigeria Stock Exchange with Market Operators

The Nigerian Exchange Limited has declared its commitment to providing small and medium enterprises with access to investors seeking viable investments.

NGX Managing Director Temi Popoola revealed this during his keynote address at the 2022 Annual Business Luncheon hosted by the Capital Market Solicitors Association in Lagos.

The event, themed “Capital Markets, Startup Funding and Syndicate Funding: Ability of Small and Medium Enterprises to Access the Capital Market”, brought together stakeholders from across the capital market who have discussed and proposed solutions to current business constraints faced by SMEs.

Read also : In five years, DBN disbursed N334 billion to MSMEs

In his opening speech, Popoola noted that the theme of the event was important as the role of SMEs in economic development could not be overstated.

According to him, Nigerian SMEs are essential components of the economy and are increasingly serving as the main vehicle for job creation and income generation.

He said: “SMEs provide the economy with a constant flow of ideas, skills and innovation, which are essential to promote competition and an efficient allocation of resources. Despite the importance of this sector, it faces material challenges that continue to drive down productivity.

“Some of them include problems with electricity supply, substandard trade facilitation infrastructure, multiplicity of fees and taxes and, of course, lack of financing.”

In his remarks, Popoola reaffirmed NGX’s commitment to expanding the Nigerian capital market and providing platforms that enable various stakeholders, including SMEs, to access capital.

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