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BUSINESS

339 companies bid for 2020/21 crude oil sales contract – Kyari

FG expands access OML 118: NNPC, SNEPCo, others sign 20 years deep water agreementto cooking gas for rural dwellers – Kyari
NNPCL boss, Mele-Kyari

No fewer than 339 companies are bidding for the 2020/21 sales and purchase of the Nigerian crude oil grades.

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari disclosed this at the 2020/2021 Crude oil tender prequalification bid opening ceremony, on Thursday in Abuja.

He said that the event marked another transparent process for the corporation.

He said that inspite the challenges posed by COVID-19, the Corporation had modified the bidding process by leveraging on technology to progress the cycle of crude oil bidding.

According to him, there will be strict compliance with all the extant regulations and reinforcement of commitment by the Corporation to transaparency and accountability.

” We have continued to see a strong demand for different grades of Nigerian crude in the oil market despite the lockdowns and refinery run cuts.

” We are also witnessing demand for Nigerian crude switch from traditional destinations such as India and finding home in new markets such as china,” he said.

Represented by Mr Umar Ajiya, NNPC Chief Financial Officer, he said that the 2020/21 crude oil bidding had many objectives, which include to engage reputable, qualified and high capacity international and indigenous companies.

He said that companies would guarantee market placement of the Nigerian crude oil at optimum value during the next contracting cycle.

He noted that other objectives was to ensure that selection of off-takers was aligned with tested transparent and accountable procedures in compliance with the Public Procurement and Nigerian Content Acts.

The GMD futher noted that apart from the objectives, the corporation would sustain transparency in all process and establish the best partners through robust mix of big international players.

He assured of support for indigenous companies capacity development in the process.

” Ultimately, crude oil is a major revenue earner in Nigeria, therefore, the credibility of this process is very important to us all.

In his remarks, Mr Adokiye Tombomieye, Chief Operating Officer Upstream, said that the corporation had taken steps to ensure the process of producing the best bidder emerged while adhering to COVID-19 principles.

He added that the process also adhered to the Corporation’s Transparency, Accountability and Performance Excellence (TAPE) agenda, extant statutory requirements and most important the Public Procurement Act.

He noted stakeholders like the Nigerian Extractive industries Transparency Initiative (NEITI), Bureau of Public procurement (BPP), Department of Petroleum Resources (DPR), Civil Liberty Organisation (CLO), among others were part of the bid opening as part of statutory requirement.

Also, the Group General Manager, Crude Oil Marketing Division, Mr Billy Okoye said that the selection of off-takers aligned with tested transparent and accountable procedures in compliance with the BPP act.

” The bid submission process was modified by replacing it with virtual submission interphase on the NIPex portal to ensure all applicants were granted equal opportunity and access to unified submissions platform,” he said.

He further assured that the commitment of the Corporation was to deliver the selection process with utmost transparency and accountabilty and to support the GMD’s agenda to deliver NNPC’s obligations to its stakeholders.

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BUSINESS

Inflation rises by 0.49% in September- NBS

Inflation rises by 0.49% in September- NBS
NBS

The National Bureau of Statistics (NBS) says inflation rate in September rose by 0.49 per cent to 13.71 per cent from 13.22 per cent recorded in August.

NBS made this known in its Consumer Price Index (CPI) for September released on Thursday in Abuja.

It said the increase in the inflation in September was on a year-on-year basis.

It said that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline Index.

It said on a month-on-month basis, the headline index increased by 1.48 per cent in September, showing 0.14 per cent rate higher than the rate recorded in August of 1.34 per cent.

“The percentage change in the average composite CPI for the 12 months’ period ending September over the average of the CPI for the previous 12 months period was 12.44 per cent.

“Showing 0.21 per cent point from 12.23 per cent recorded in August.”

The NBS said that urban inflation rate increased by 14.31 per cent (year-on-year) in the month under review from 13.83 per cent recorded in August.

“While the rural inflation rate increased by 13.14 per cent in September from 12.65 per cent in August.

It added that on a month-on-month basis, the urban index rose by 1.56 per cent in September, up by 0.14 per cent from 1.42 per cent recorded in August.

The rural index also rose by 1.40 per cent in September, up by 0.13 from the rate recorded in the previous month 1.27 per cent.

“The corresponding 12-month year-on-year average percentage change for the urban index is 13.07 per cent in September.

“This is higher than 12.85 per cent reported in August, while the corresponding rural inflation rate in September is 11.86 per cent compared to 11.66 per cent recorded in August.

The NBS also said that composite food index rose by 16.66 per cent in September compared to 16.00 per cent in August.

It said that the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits and oils and fats.

It said that on month-on-month basis, the food sub-index increased by 1.88 per cent in September, up by 0.21 per cent points from 1.67 per cent recorded in August.

“The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.58 per cent in September, up by 0.06 per cent when compared with 10.52 per cent recorded in August.

NBS said that on month-on-month basis, the core sub-index increased by 0.94 per cent in September. This was down by 0.11 per cent when compared with 1.05 per cent recorded in August.”

It said the highest increases were recorded in prices of passenger transport by air, medical services, hospital services, pharmaceutical products and passenger transport by road.

Others are motor cars, vehicle spare parts, maintenance and repair of personal transport equipment, repair of furniture and paramedical services.

For state profiles, the report said that all items inflation on year –on-year basis was highest in Bauchi at 17.85 per cent, Zamfara followed with 17.42 per cent and Kogi with 16.66 per cent, while Lagos which stood at 11.19 per cent, Abuja 10.59 per cent and Kwara 10.53 per cent recorded the slowest rise in headline Year on Year inflation.

On a month-on-month basis however all items inflation was highest in Bauchi at 3.36 per cent, Kogi at 2.63 per cent and Zamfara 2.75 per cent.

While Nasarawa, which stood at 0.66 per cent, Abuja 0.64 per cent and Ondo with 0.31 per cent recorded the slowest rise in headline month-on-month inflation.

For food inflation, the NBS said that on a year-on-year basis, it was highest in Zamfara at 20.94 per cent, Kogi 19.06 per cent and Plateau/Yobe 18.90 per cent.

Nasarawa stood at 13.94 per cent, Lagos 13.87 per cent and Ondo 13.59 per cent recorded the slowest rise.

On month-on-month basis, however, food inflation was highest in Zamfara at 3.65 per cent, Anambra 3.19 per cent and Kaduna 3.15 per cent.

Nasarawa is put at 0.51 per cent and Abuja at 0.15 per cent recorded the slowest rise.

“However, Ondo recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).”

CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

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BUSINESS

NNPC cuts loss by 99.7%

NNPC cuts loss by 99.7%
NNPC

The Nigerian National Petroleum Corporation (NNPC) says it has recorded a 99.7 per cent reduction in its loss profile from ₦803billion in 2018 to ₦1.7billion in 2019.

NNPC disclosed this in its 2019 Audited Financial Statement (AFS), released by Dr kennie Obateru, spokesman for the corporation, in Abuja, on Thursday.

It will be recalled that the corporation in May published its 2018 AFS and assured of quick released of the 2019 report.

This, According to NNPC Group Managing Director Malam Mele Kyar was in line with effort to ensure transparency and accountability in its operations.

Obateru, quoted the NNPC Chief Financial Officer (CFO), Mr Umar Ajiya, as saying that the 2019 AFS was concluded five months after the release of that of 2018.

He said that the 2019 report would be published on the Corporation’s website for all to see in keeping with the management’s commitment to transparency and accountability.

This, he added was also in consonance with the principles of the Extractive Industries Transparency Initiative (EITI) of which it was a partner.

A breakdown of the report disclosed that general administrative expenses also witnessed a 22 per cent dip from ₦894bn in 2018 to ₦696bn in 2019.

According to Ajiya, majority of the subsidiaries posted improved performance.

The subsidiaries are the Nigerian Petroleum Development Company Limited (NPDC) which recorded ₦479 billion profit in 2019 compared with ₦179billion in 2018, representing 167 per cent increase.

“The Integrated Data Sciences Limited (IDSL) recorded ₦23billion profit in 2019 compared with ₦154million in 2018, representing 14966 per cent increase and the Petroleum Products Marketing Company (PPMC) recorded ₦14.2billion profit in 2019 compared with the ₦9.3billion recorded in 2018, representing 52 per cent increase.

“Also, the refineries maintained the same level of losses as in 2018 but which will reduce significantly in 2020 due to cost optimisation drive,” the CFO said.

He further explained that the improved performance in the 2019 financial year was driven mainly by cost optimisation, contracts renegotiation and operational efficiency.

“The 2019 AFS goes further to demonstrate our unwavering commitment to the principle of Transparency, Accountability and Performance Excellence (TAPE) while the outlook for 2020 looks promising in view of the management’s strong drive to prune down running cost and grow revenues,” he said.

The NNPC Group Managing Director, Malam Mele Kyari, had promised to sustain the publication of the AFS as part of efforts to deepen transparency and accountability and keep stakeholders abreast of the corporation’s operations.

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BUSINESS

World Bank president commends FG for removing fuel subsidy

World Bank president commends FG for removing fuel subsidy
David Malpass

Mr David Malpass, President of the World Bank Group, has commended the Federal Government for removing subsidies on petroleum products.

He said this in Washington D. C. on Wednesday at the opening press conference for the World Bank at the ongoing 2020 International Monetary Fund (IMF)/World Bank virtual annual meetings.

Malpass was responding to a question on whether the World Bank saw an opportunity or problem regarding the enormous youth population in Nigeria accompanied with rising unemployment and the burden of COVID-19.

“I compliment Nigeria for tackling the problem of subsidies in the hydrocarbon area.

“By reducing those subsidies and allowing gasoline prices to rise – it is very hard for governments to do that – there are substantial benefits.

“It means that there are fiscal savings, it also means that there are environmental benefits that are large and it allows markets to work better and to allocate resources better.

“So, I think progress is being made in that area and it is valuable,” he added.

On tackling the economic crisis the pandemic posed for Nigeria, he said that the vital steps were to strengthen the health and the education system.

According to him, the governance system and transparency were vital in order to reduce the corruption within the system.

He said that there were opportunities as well.

“I think each country has to confront or has to think about where it wants to be in a post-COVID world that is going to be very different from the pre-COVID world.

“That means a different way of people interacting, hopefully better; a greener way of operating; and an emphasis on health care.

“We have extended the emergency health response to include vaccines and distribution of vaccines for COVID, but it also has the benefit of helping the vaccination programes in other areas and the healthcare outreach in other areas that will be so valuable.”

He, however, said that the first priority was to save lives, people’s health and safety.

He said that would involve procedures like social distancing and masks and proper health care if people contract the virus as well as strengthening of hospital systems.

Malpass said that looking at the next stage, it would be a prolonged downturn for many countries, as there would not be as fast a rebound in tourism, for example, as many would like to have.

He said that there would need to be flexibility in economies, so that people could move to new jobs and positions and the country could be prepared for a post COVID global economy.

“We know it is going to be different from the pre-COVID economy. We do not know exactly how and that will only evolve over time.

“So, having countries preserve some of their core industries and businesses, and then keeping families together.

“We are providing social safety nets to try to help provide cash grants for people,” he said.

In addition to the steps to strengthen the process and create a resilient recovery was climate and lower carbon rebuilding efforts, which, he said, was very important.

Also, on what could be done in the recovery period to strengthen and improve global trade as it related to global Gross Domestic Product (GDP), he said a very beneficial step was trade facilitation.

According to the president, that means trying to keep markets open across borders and where markets are closed and lowering the barriers that occur.

“So, for example, between Benin and Nigeria, there are high tariff barriers on rice, which is distortive and expensive, so finding steps that can be done to facilitate cross border trade and to allow commerce to take place.”

That, according to him, means a safe environment, one that is available to all people, that is not discriminatory in terms of the way it operates.

“I think looking more broadly, it is the commitment by countries around the world, a recognition that commerce is critical to people’s rising living standards.

“We strongly support moves worldwide to allow more trade and to reduce the barriers to trade,” Malpass said.

The 2020 Annual Meetings of the IMF and the World Bank Group holding in Washington D. C. began on Oct. 12 and will end on Dec. 16.

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Global economic growth expected to fall to -4.4% in 2020 – IMF MD

Corruption corrodes trust in government – IMF
IMF

Kristalina Georgieva, Managing Director, International Monetary Fund (IMF), says global economic growth is expected to fall to -4.4 per cent in 2020.

She made this known on Wednesday in Washington D. C. at a virtual media conference during the ongoing 2020 IMF/World Bank annual meetings.

According to Georgieva, over the next five years, the crisis caused by the COVID-19 pandemic can cost an estimated 28 trillion dollars in output losses.

The managing director said that the picture over the last few months had become less dire, yet there was continued projection of the worst global recession since the Great Depression.

“At the same time, we can see stars shining above us. We see unprecedented efforts in vaccine development and treatment.

“We see extraordinary and coordinated fiscal and monetary measures putting a floor under the world economy. And the world is starting to learn how to live with the virus.

“While there is tremendous uncertainty around our forecast, we project a partial and uneven recovery in 2021 with growth expected at 5.2 per cent.

According to her, all countries now face a “long ascent”- a journey that will be difficult, uneven, uncertain and prone to setbacks.

She, however recommended three policy priorities to overcome the crisis it posed and build a brighter future.

Georgievia said that the first thing to do was to continue with essential measures to protect lives and livelihoods.

“A durable economic recovery is only possible if we beat the pandemic everywhere.

“Stepping up vital health measures is imperative, as is fiscal and monetary support to households and firms.

“These lifelines such as credit guarantees and wage subsidies are likely to remain critical for some time to ensure economic and financial stability.

“Pull the plug too early, and you risk serious, self-inflicted harm,” she added.

Georgievia’s second recommendation was to build a more resilient and inclusive economy.

She said that the IMF’s new research showed that public investment, especially in green projects and digital infrastructure could be a game changer.

According to her, this has the potential to create millions of new jobs, while boosting productivity and incomes.

She said that supporting workers as they transition to new jobs was another key element of a more resilient and inclusive future.

“This is particularly important for women and young people, who have been disproportionately affected by the crisis.”

Thirdly, Georgieva recommended that debt should be dealt with.

She said that global public debt was projected to reach a record high of 100 per cent of Gross Domestic Product (GDP) in 2021.

She said this was partly because countries needed to boost spending to fight the crisis and secure the recovery.

“Addressing this issue over the medium-term will be critical but for many low-income countries, urgent action is required now.

“Given their heavy debt burdens, they are now struggling to maintain vital policy support.

“They need access to more grants, concessional credit, and debt relief.”

According to her, more than ever, strong international cooperation is needed, especially on vaccine development and distribution.

She said that faster progress on medical solutions could speed up the recovery and could add almost nine trillion dollars to global income by 2025.

“This, in turn, can help narrow the income gap between poorer and richer nations.’’

On the role of the IMF, she said that since the pandemic began, the IMF had been pressing ahead with full force and commitment with its policy advice, capacity development and financial resources.

“We have reached over 280 billion dollars in lending commitments, more than a third of that approved since March.

“We still have substantial resources from our one trillion dollars lending capacity to help support our members.

“We have provided financing to 81 countries, extended debt service relief for our poorest members and have mobilised an additional 21 billion dollars to support lending on concessional, zero-interest, terms.

“It helps us to gear up for the next phase, support for the recovery and we are considering options to further adapt our lending toolkit.

“We must dare to face our most daunting challenge together; we must dare to take the right actions now,” she said.

The News Agency of Nigeria (NAN), reports that the 2020 Annual Meetings of the IMF and the World Bank Group holding in Washington D. C. began on Oct. 12 and will end on Oct. 18.

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World Bank/IMF to undertake joint action plan on debt reduction for IDA countries

World Bank/IMF to undertake joint action plan on debt reduction for IDA countries

The World Bank and International Monetary Fund (IMF), have proposed to undertake a joint action plan on debt reduction for the most indebted International Development Association (IDA) countries.

Mr David Malpass, the President, the World Bank Group, said this on Wednesday during a virtual meeting with the G20 Finance Ministers and Central Bank Governors at the ongoing IMF/World Bank annual meetings in at Washington D. C.

Malpass said that it was urgent to make rapid progress on a framework because the risk of disorderly defaults was rising.

He said that the bank’s latest economic and poverty data showed that desperate inequality was being caused by the COVID pandemic and economic shutdowns.

“The recession in advanced economies is less severe than had been feared but in most developing economies, it has become a depression, especially for the poorest and extreme poverty may rise by 150 million by 2021.

“Soon after our spring meetings, we were able to launch health emergency programmes in 111 countries and began a surge in our grants and highly concessional lending that will reach the limits of our capital structure and commitment authority.

“As part of this effort, we expect to provide over 50 billion dollars in grants or highly concessional credits by June 2021, helping provide large net positive flows to the poorest and most fragile countries and people.”

The president recalled that in March, the G20 endorsed a vital debt relief programme for the poorest countries, giving people a ray of hope.

He said that the Debt Service Suspension Initiative (DSSI) helped increase fiscal resources for over 40 countries and created more transparency on the overwhelming debt burden.

According to him, the goals for debt relief are fiscal savings for the poorest countries, greater debt transparency and a path forward for countries in debt distress.

“We are making progress but not nearly enough. The DSSI extension being agreed today is welcome and the term sheet has been strengthened in important ways.

“However, some core DSSI-related problems are still unresolved, notably a lack of participation by private creditors and incomplete participation by some official bilateral creditors.

“The bigger challenge is the need to look beyond DSSI. It is important to note that the DSSI defers payments into the future but doesn’t reduce them.

“Interest charges compound quickly on the deferred amounts, leaving countries with even more debt.

“The DSSI has been a stopgap to provide fiscal resources and greater transparency while a longer-term solution for the debt crisis can be developed,” he said.

Malpass said that the tendency in past debt crises was for countries in debt distress to go through a series of “ineffective debt reschedulings that leaves them weaker’’.

He said that creditors might eventually allow them to get to a debt reduction process but at a tremendous cost to the poor, adding that they needed to work better and faster this time.

“On a positive note, I am happy to announce that yesterday afternoon, our board approved a package of up to 12 billion dollars to expand and fast-track COVID response for the purchase and distribution of COVID-19 vaccines, tests and treatments.

“The scale of the challenges ahead is staggering, so we need to do more. With the strong support of its shareholders, IDA has frontloaded IDA-19 resources to the fullest possible extent as a key part of the surge in our commitments this fiscal year.”

He, however said that IDA lending would have to decline in the next two years even though the latest forecasts, including those just announced by the IMF, suggests that the reduction in economic activity would extend well into subsequent years.

Malpass said that the bank was proposing to IDA deputies later in October, a 25 billion dollar supplemental COVID Emergency Financing Package.

The News Agency of Nigeria (NAN) reports that the IDA, a member of the World Bank Group, is an international financial institution with 173 member countries.

It offers concessional loans and grants to the world’s poorest developing countries.

The 2020 Annual Meetings of the IMF and the World Bank Group holding in Washington D. C. began on Oct. 12 and will end on Dec. 16.

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BUSINESS HEADLINES

With 5G, FG plans big for Nigerian youths – Danbatta

China’s 5G network has more than 600,000 base stations – Ministry
5G technology

As the Federal Government inches towards the launch of the 5G technology, it has said the tech will produce many techpreneurs.

This was revealed on Wednesday by the Executive Secretary of the National Communications Commission, Professor Umar Danbatta, who said the government was making mves towards the 5G launch.

Speaking at a forum tagged ‘Multi-stakeholder approach to National Recovery Post-Pandemic’, where he was represented by the Director, Technical Standards and Network Integrity at NCC, Bako Wakil, Danbatta said the commission would would address all safety concerns of the technology, including carrying out environmental impact assessment.

“Nigeria’s vibrant youth population stands to benefit immensely from the deployment of 5G as it will offer technopreneurs, technology enthusiasts, SMEs and tech start-ups the platform to expand and network with other global players on a scale that has never been witnessed before.
“Once this is done, Nigerians can safely utilise 5G and reap all the economic, human and material benefits of 5G.” he said.

NCC

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World Standards Day: SON calls for standard compliance to promote healthy environment

World Standards Day: SON calls for standard compliance to promote healthy environment
SON

The Standards Organisation of Nigeria (SON) has called on Nigerians to uphold standards in their undertakings to promote healthy environment.

The Director-General of SON, Malam Farouk Salim, made the call in a statement in Abuja on Wednesday while commemorating the 2020 World Standards Day.

The News Agency of Nigeria (NAN) reports that the Day is celebrated annually on Oct. 14 to raise awareness among regulators, industry and consumers to the importance of standardisation to the global economy.

The theme for the 2020 World Standards Day titled “Protecting the planet with standards.”

Salim said that standards covered all aspects of human activities including energy savings, water and air quality, standardised protocols and methods of measurement.

According to him, the nation’s rapid population growth and broad urbanisation call for the responsible use of limited resources.

“Nigerians should join the quality vanguard and continue to support SON in its quest to improve the lives of Nigerians through standards and quality assurance activities as well as protecting the environment for sustainability.

“This can be achieved through reduction in throwaway, reuse and recycle, and landfill of spaces as well as spreading information on the importance and value of our natural resources.

“Experts in international standardisation around the world have advocated substantial reduction in human impact and protection of the planet, seeking political will, concrete action and the right tools among which are international standards.

“This advocacy is predicated on the human and large scale industrial activities which modern civilisation have added to earth’s natural greenhouse gases which negatively impact our climate and with it,’’ he said.

The director-general said that SON as a representative of the international standardisation bodies in Nigeria was propagating global standards through adoption and modification for local use.

He expressed SON’s commitment to manpower training through seminars, workshops, consumer enlightenment activities and certification of products, processes and systems using international standards.

He suggested volunteering for clean ups in communities, more efficient use of water to avoid waste and use of energy efficient appliances as important conservation ideas that should be upheld by Nigerians.

Salim also called for planting of trees to provide food and oxygen as well as use of non-toxic chemicals at homes and in offices.

The 2020 World Standards Day also appreciated the efforts of the thousands of experts who develop voluntary standards within standards development organisations.

They include the International Electrotechnical Commission (IEC), International Organisation for Standardisation (ISO) and International Telecommunication Union (ITU).

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BUSINESS

World Bank approves $12bn for developing countries to buy COVID-19 vaccines, treatments

W/Bank approves $700m credit for water, sanitation, hygiene in Nigeria
World Bank

The World Bank on Wednesday approved 12 billion dollars to help developing countries buy COVID-19 vaccines and treatments, the organisation said in a statement.

“The World Bank’s Board of Executive Directors today approved an envelope of 12 billion dollars for developing countries to finance the purchase and distribution of COVID-19 vaccines, tests, and treatments for their citizens,” the bank said.

The World Bank seeks to support the vaccination of up to a billion people, the statement said.

The 12 billion dollars is part of the World Bank Group’s package to provide up to 160 billion dollars through June 2021 to help more than 100 countries.

The number of confirmed cases of the coronavirus disease worldwide has surpassed 38 million, Johns Hopkins University said.

The global tally currently stands at 38,041,143, with 1,084,888 deaths and 26,388,633 recoveries, the university said.

WHO declared the outbreak of the new coronavirus a pandemic on March 11.

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Research crucial for capital market growth, development – SEC

Research crucial for capital market growth, development – SEC
SEC

Dr Lamido Yuguda, the Director-General of the Securities and Exchange Commission (SEC), on Tuesday said research was critical for growth and development of Nigeria’s capital market.

Yuguda said this at a virtual symposium organised by the Nigerian Capital Market Institute (NCMI) and the Capital Market Academics of Nigeria (CMAN) in Abuja.

He said research was needed in investment performance management, efficiency of tax policies, securitisation of various financial and other physical assets, among others, to develop the market.

Yuguda called on capital market academics to collaborate with stakeholders in the industry to address the market challenges to meet set targets.

“We urge CMAN to continue to encourage its members to conduct market-based and empirical research in the capital market such that practical recommendations may serve as policy inputs to the regulators and other stakeholders.

“This symposium will go a long way to engender interest in capital market research among the academia, and deepen the knowledge of the capital market in Nigerian institutions.

“It will also raise the bar in capital market literacy,’’ he said.

He assured stakeholders that the commission was committed to developing and enforcing relevant rules and regulations that would further develop and deepen the market.

Uche Uwaleke, Professor of Capital Market and the President of CMAN, lamented that the country’s capital market was not where it should be.

Uwaleke said that tangible collaboration with the academia would be a game changer in efforts geared toward the development of the market.

He recommended the introduction of capital market programmes in universities through the National Universities’ Commission and the development of effective dialogue with academics involved in capital market research.

The Managing Director of NCMI, Mr Ismaila Ville, said the institute was set up as a training arm of SEC to provide capital market education for its staff and the capital market community.

Mr Oscar Onyema, the Chief Executive Officer, the Nigerian Stock Exchange, said the symposium would bridge the knowledge gap that existed in the country’s capital market.

Onyema said the partnership between the market and the academia would bring enhanced investments to create an engine for innovations and economic growth.

“World-class research universities are at the forefront of pioneering such partnerships. I am happy that the academia in Nigeria are beginning to look in this partnership direction,’’ he said.

The Group Managing Director of the FMDQ, Mr Bola Onadele, stressed the need for the capital market to support the academia first before expecting the assistance in return.

Mrs Toyin Sanni, the Chief Executive Officer, Emerging Africa Capital Group, said that the academia had a huge role to play in the development of the capital market.

Sanni called for an improved capital market education and literacy programme to help the public to understand investment decisions and risks associated with it.

“There is capacity gap and we operators are feeling it. We need the support of the academia in this,’’ she said.

The symposium was themed: “Role of the Academia in the Development of the Nigerian Capital Market.”