February 3, 2021/NSE
In recognition of SMEs as critical agents of economic development and transformation in Nigeria, the Nigerian Stock Exchange (NSE or The Exchange) continues to support the growth and development of small businesses in Nigeria. The most recent of these efforts was the webinar hosted by The Exchange on Wednesday, 3 February 2021 themed, Capital Raising for SMEs through the Stock Exchange.
The webinar was hosted in collaboration with various Trade Groups/Chambers of Commerce in the Northern region of the country, and was headlined by the President, The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Hajia Saratu Iya Aliyu.
Speaking at the event, the Divisional Head, Listings Business, NSE, Mr. Olumide Bolumole noted, “The traditional role of The Exchange as a platform for capital formation and liquidity holds good promise for businesses. Despite the impact of COVID-19, the NSE functioned to facilitate needed financing with over ₦2.5Tn in capital raised by governments and corporates in 2020 across various asset classes. Furthermore, The Exchange in January 2020 launched the NSE Growth Board designed to support companies in their growth phase and this notably caters to SMEs. As access to capital is a key challenge faced by companies active in various sectors of the economy, the NSE continues to provide alternative funding opportunities to catalyse business growth.”
On her part, Hajia Saratu Iya Aliyu stated, “I commend the National Council and Management of the Nigerian Stock Exchange for organising this webinar and for extending this invitation to me to give the keynote address at this event; it reflects a recognition the role played by the Chamber of Commerce in promoting the growth and competitiveness of private enterprise in Nigeria. Going forward, I am hopeful that initiatives such as this webinar will spur greater interest in the activities of the Growth Board by the private sector, as it is a conscious effort to give credence to SMEs which are the building blocks of the Nigerian economy.”
The webinar also featured a presentation from the Team Lead, Growth Segment, Primary Markets, NSE, Mr. Olanrewaju Odufuwa who shed some more light on the value proposition of the NSE Growth Board as a viable option for capital raising, especially for Small and Medium Sized Enterprises. Other panellists at the event were Alhaji Jinjiri Abubakar, President, CONSCIMMA; Mr. Ali Safiyanu Madugu, Managing Director, Dala Foods Limited; Mr. Nathan Nwokoro, Head, Wholesale Banking, Cowry Asset Limited; and Dr. Ahmed Rabiu, Former President, Kano Chamber of Commerce; with Prof. Uche Uwaleke, Professor. Capital Market, Nasarawa State University serving as moderator.
The Exchange continues to deliver on its commitment to narrow the undesirable gap in SMEs ability to access right-sized capital and facilitate the flow of sustainable resources to spur the growth of SMEs. It would be recalled that the NSE launched the Growth Board in 2020 and the Board now features four companies namely McNichols Plc, Chellarams Plc, The Initiates Plc and Living Trust Mortgage Bank Plc. The Growth Board index has also been created and Growth Board companies have been included in the All Share Index.