NGX to Connect SMEs with Investors for Economic Growth
The Nigerian Exchange Limited has stated its commitment to providing small and medium enterprises with access to investors seeking viable investments.
The Chief Executive Officer, NGX, Temi Popoola, revealed this during his keynote address at the 2022 annual business luncheon organised by the Capital Market Solicitors Association in Lagos.
The event which was themed, ‘Capital market, startup financing and syndicate funding: Ability of small and medium-sized enterprises to access the capital market’ had stakeholders across the capital market who discussed and proffered solutions to the prevailing business constraints faced by SMEs.
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In his keynote address, Popoola noted that the theme of the event was important as the role of SMEs in economic development could not be overemphasised.
According to him, Nigerian SMEs are critical components of the economy and are increasingly serving as the principal vehicle for the creation of employment and revenue.
He said, “SMEs offer the economy a steady supply of ideas, skills, and innovation, which are vital for promoting competition and efficient resource allocation. Despite the importance of this sector, it faces material challenges that continue to lead to a decline in productivity.
“Some of these include power supply challenges, 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 diverse stakeholders, including SMEs, to access capital.