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Potentials of Nigerian economy are enormous, says AACN President

…As Emefiele assures investors of consistent monetary policy objectives

Motolani Oseni

President, Association of Assets Custodians of Nigeria (AACN), Mrs. Taiwo Sonola, has said the potentials of the Nigerian economy are enormous and it is important that the opportunities are showcased globally.

Speaking at the recently concluded 8thAnnual Nigerian Investors Day in London, organized by the AACN, Sonola noted that the Association is committed to the promotion of portfolio investments in Nigeria.

The one-day conference had the theme, ‘Nigeria: The Economics of the Capital Market,’ participants reiterated optimism about Nigeria’s economic potentials as a major investment destination.

The AACN President, however, assured that the Association would maintain the reputation of the Annual Nigerian Investors Day as a veritable platform to promote the Nigerian economy, adding that the next edition would be reinvigorated and focused on a salient issue on Africa’s biggest oil producer, with the purpose of unlocking opportunities in such an area.

According to her, “the aim is to build foreign investor confidence and provide a platform for foreign investors to network with the Nigerian capital market regulators, operators with a particular focus on custodians, fund managers, broker-dealers, and regulators and also provide a forum for the promotion of custody business in Nigeria. It also provided opportunities for participants to air their views and challenges.”

Also, speaking at the event was the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, who commended AACN for organizing the forum, saying that it fits into the apex bank and the Federal Government’s goal of making Nigeria Africa’s top investment destination.

He assured that the CBN would be unrelenting in driving policies that ensure macroeconomic stability while enhancing the ease of doing business in Nigeria, which would be instrumental in attracting and sustaining investments in the country.

The Governor, who had been re-nominated for a second term in office, equally assured investors that the monetary policy objectives of the CBN will remain consistent.

The one-day forum was aimed at availing the global audience of up-to-date information on the Nigerian capital market.

Against the backdrop of the successful conduct of general elections in Nigeria, the forum reassured international investors of the safety of their investments in the country, while highlighting the huge potential to undecided investors.

The forum, also, brought together investors to engage with each other, share information, review the Nigerian policy and economic environment as well as peruse economic opportunities.

Consequently, the Financial Secretary of the Association, Adebola Adedeji, noted that in its 10 years of existence, the Association has contributed in no small measure towards the development of the Nigerian financial markets, including initiatives with the CBN and the Financial Market Dealers Association to facilitate a more efficient and investor-friendly electronic Certificate of Capital Importation (CCI) processes for the various investment products in Nigeria.

He added that the association has also collaborated with the Securities & Exchange Commission (SEC) to initiate the mandatory appointment of Custodians to registered Collective investment schemes and joint development of operational guidelines and other prerequisites for Securities Lending in the Nigerian Capital Market with the Nigerian Stock Exchange (NSE), among others.

The AACN is the umbrella body for Nigerian custodian banks, with members providing investor services and custodial services such as asset safekeeping, corporate actions etc to foreign and domestic institutional investors.

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