US Ambassador, Entwistle Optimistic About Nigerian Capital Market

 

Mr. James Entwistle, United States Ambassador to Nigeria said on Wednesday that the improvement in the regulation of the Nigerian capital market and its general business environment will attract more investment from the US into Nigeria. He said this while he visited the Nigerian Stock Exchange (NSE) in Lagos. Entwistle said that the listing of privatized companies on the NSE would benefit the people of the country. He explained, “I understand that government officials and regulatory authorities are considering a requirement that newly privatized Nigerian companies list on the NSE. I am also aware of legislation in the National Assembly that would transform the NNPC into a national oil company that could list up to one-third of its equity on the NSE. He continued, “Other national companies like Petrobras and Petronas have long been traded on publicly and have thrived as global competitors in the oil sector. Being answerable to shareholders forces a level of transparency and market discipline that will only benefit the Nigerian People.” He commended the Securities and Exchange Commission and the NSE for their roles in improving regulatory oversight in the country thereby contributing to her economy growth and development. He said several listed firms have enjoyed remarkable growth and are driving the economy forward, creating opportunities for trade and investment. He noted that a healthy stock market is a vote of confidence in Nigeria’s future because it will give Nigerian pensioners and investors a place to invest for the long term and disclosed that the US would continue to collaborate with Nigeria to promote policies that would lead to broad-based, sustainable growth and an improved trading relationship between both countries. He concluded, “There is already a good level of US/Nigeria commercial cooperation. Some of our biggest companies are active here in Nigeria and I believe that as your government continues to make the investment climate here attractive to foreign companies, you will continue to see the GEs (General Electric) and the Procter and Gambles and the other key US companies coming to Nigeria.”