The Nigerian Exchange Group (NGX) has expressed readiness to encourage and assist Nigerian companies with plans to open subsidiaries in other West African countries, noting that any initiative that aims to unite the sub-region and deepen the economic and commercial ties across the region was welcome.
NGX Chairman, Dr. UmaruKwairanga gave the assurance in his remarks at the inaugural West Africa Economic Summit (WAES) in Abuja, weekend.
Citing some Nigerian quoted companies such as Dangote Cement, First Bank, Zenith Bank, Access Bank, and Ecobank, among others which have established subsidiaries in several other West African countries, he assured that the NGX was always available as an exchange to encourage and assist companies with similar plans.
Describing WAES as a great initiative, he explained that any initiative that aims to unite the sub-region and deepen the economic and commercial ties across the region was a welcome idea.
He added: “There is power in unity and there is strength and prestige in size. The great economic powerhouses of the twenty first century such as the United States of America and the People’s Republic of China have risen to prominence partly because of the size of their population and land areas.
“I am confident that a United States of Africa can attain the same status in the near future if we work on initiatives such as this.
“That was the principle on which bodies such as the African Union and ECOWAS were established and this Summit will help to make the dreams of their founding fathers become reality.
“Apart from that, there are huge opportunities across our local markets that have remained unexplored because of negligence or obstacles that can be easily overcome.
“Summits such as this will help to tackle the underutilisation of intra-African trade to fast track economic growth in the sub-region.
“At the Nigerian Exchange Group, we have recognised the imperative for partnerships and closer ties with our brother states and exchanges and so we are part of the African Exchanges Linkage Project which is an initiative aimed at connecting stock exchanges across eighteen African countries to enable seamless cross border trading and exchange of market data across Africa.
“We also have many of our quoted companies such as Dangote Cement, First Bank, Zenith Bank, Access Bank, Ecobank and others which have established subsidiaries in several other West African countries and we are always available as an exchange to encourage and assist companies which have similar plans.”
Kwairanga was hopeful that the summit would come up with implementable ideas and frameworks for reducing trade barriers between West African countries, easing the procedures for African companies who wish to set up subsidiaries in neighbouring countries and ease inter-country movements for citizens of the sub-region without compromising security.
“I am confident that if we can come up with policies and plans that lead to a meaningful increase in trade and commercial interactions between countries of the sub region, we will accelerate economic growth and development for our individual countries and the region as a whole,” he said.
