Edo State will seek funding from NSE for projects — Obaseki

Edo Government says it is hopeful of raising instruments from the Nigerian Stock Exchange (NSE) for developmental projects.

The State Governor, Godwin Obaseki, stated this on Monday during a courtesy visit to the NSE in Lagos.

Obaseki, who assured the capital market community of partnership, said the government was planning to raise instruments from the market at the appropriate time for refinancing of projects.

“I know that we have not come to the market yet but we will come at the appropriate time to interact or hopefully raise one or two instruments from the market.

“For now we are focusing on sports and young people in Nigeria,” he said.

Obaseki noted that the state would host the 20th Edition of the National Sports Festival (NSF) from March 22 to April 1.

He called on brokers, clients and corporate Nigerians to participate and support the sports festival.

“Today, we are here to solicit the support of the capital market community in participating and supporting the National Sport Festival.

“The National Sports Festival is important not only because it caters for young people in our country, but it is one of those events that we have put together to help unite the country,” Obaseki stated.

He noted that the sports festival and the National Youth Service Corps (NYSC) were among the policy instruments the government used to unite the country after the civil war.

Responding, Mr Oscar Onyema, NSE Chief Executive Officer, commended the Obaseki-led administration for the various initiatives established already in the state.

“I must say that the Edo State Governor has been doing quite a lot which include state service reforms, innovation centre and hubs, and industrial hubs and a lot more.

“A number of these projects require financing and so, I am happy that the Edo State Government will come to raise one or two instruments from the market,” Onyema said.

Also speaking, Alhaji Rasheed Yussuf, former President, Association of Stockbroking Houses of Nigeria (ASHON), commended the governor for the visit and assured him maximum support.

“The market is happy to welcome the governor, whom is also a stockbroker and one of us,” Yussuf said.

He noted that the equities market at the end of the trading day went down, reflecting the negative macro-economic.

According to Yussuf, this is the time the government should make use of the capital market in raising instrument to finance the economy.

He explained that the capital market remained an avenue for raising long-term capital for infrastructure development, urging government to make proper use of the market.