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His Excellency, Governor Adegboyega Oyetola - The Executive Governor of the State of Osun And members of the State Delegation, Council Members Present, CEOs of our Dealing Member Firms and our Listed Companies here present, Members of the Executive Committee, Heads of Department and Staff of The Nigerian Stock Exchange, Distinguished Ladies and Gentlemen.
On behalf of the National Council and Management of The Nigerian Stock Exchange, it gives me great pleasure to welcome His Excellency, the Governor of the State of Osun, Mr. Adegboyega Oyetola and the entire State delegation to the Nigerian Stock Exchange.
Your Excellency, we applaud your leadership and efforts at revitalizing the Education, Mining, Agriculture, Textile and Tourism sectors in the State. Your passion for excellence, dedication to promoting the people of the State and revitalising moribund projects across the state has been recognized globally. We specifically commend the State Government on the execution of a partnership agreement with the Federal Government to develop Gold mining potentials of the state. We also acknowledge His Excellency’s efforts in this area as we trust that this would improve internally generated revenues (IGR) and ramp up jobs creation opportunities for the benefit of the people of the State.
Indeed, the IGR drive has yielded significant results for the N1.47 trillion state economy. In the first half of this year alone, the State has generated over N10.2 billion in revenues, equivalent to the entire sum (N10.4 billion) collected for the whole year in 2018, according to data from the National Bureau of Statistics.
Here at the Nigerian Stock Exchange, we recognize that the future of our great nation rests in our ability to work across sectors to build an environment that promotes economic growth and development, ultimately benefiting the people of our country.
To build a sustainable economy for the estimated 4.31 million citizens of Osun, supported by vibrant sectors and diverse enterprises, both state owned and private sector enterprises will require access to right sized capital. Accordingly, our capital market platform is geared at attracting investors towards all the sectors of the economy whilst catering for small, medium and large businesses represented on the various boards of the Nigerian Stock Exchange. These boards include: The Premium, Main and Growth Boards - The Growth Board is specifically designed to support emerging companies with high growth potential in Nigeria.
Over the last few months, I have been impressed by the passion demonstrated by the Government and people of the State towards building a sustainable economy and moving the state from a civil service state to a regional commercial and industrial hub. This commitment is demonstrated by the proposed Osun Economic and Investment Summit scheduled to hold later this month, with the primary aim of emphasizing the State’s Developmental Agenda of sustainably repositioning the State economy and delivering prosperity to all Osun people.
The State Government shall be looking inward to grow the immense economic potential as well showcase Osun as a strategic location for industrialization. This is going to be a paradigm shift in the economy as it has strategically positioned to explore its mining assets which if properly harnessed can help boost the economic potentials of the state. The Government is also looking to revitalize the tourism sector through exploration of the economic potentials at Osun Grove, Olumirin Waterfalls, Opa Oranmiyan tourist site to mention a few. In view of the laudable achievement by the State Government and the ongoing revitalization of some state-owned commercialized entities, we hereby recommend the consideration of Capital Market solutions by way of Debt & Equity instruments for the re-capitalization and revitalization of these institutions for optimum capacity utilization and investment returns. Examples of such institutions are; Omoluabi Mineral Promotions Company and The MKO Abiola Airport project.
We are most privileged to welcome His Excellency, the Governor of Osun State, Mr. Adegboyega Oyetola and his team to The Exchange, because we recognize that the ambitions of the State and capital market are inextricably linked. Your Excellency would recall that we have made a case for the role of the Nigerian Stock Exchange in State Economic Development, at both the National Economic Council and the Nigerian Governors’ Forum.
The State of Osun, in particular, has a remarkable track record of capital market credentials:
- The State has raised about N41 billion from the capital markets over the past ten years.
- The first issuance of sovereign Sukuk bonds in Nigeria was in 2013 by the State of Osun, through the Osun Sukuk Company Plc, which issued a N11.4bn bond in 2013, for the construction of 26 millennium model schools.
- The State alongside Morgan Capital Securities Limited own 83% shares of Omoluabi Mortgage Bank which was the first-listed firm on the Alternative Securities Market of the Exchange.
As we continue to develop The Exchange to attract local and international investors, we wish to partner with the State and its agencies to achieve the benefits of privatisation of its state owned enterprises and other initiatives of both entities across various sectors.
Distinguished Ladies and Gentlemen, I would like to state that the NSE is committed to supporting The State of Osun under the leadership of His Excellency. To this end, as we have witnessed today’s symbolic closing gong ceremony by His Excellency, we are optimistic that this will further strengthen our collaboration towards advancing the fortunes of State together.
Thank you for listening distinguished ladies and gentlemen; I would now invite His Excellency, Mr. Adegboyega Oyetola to deliver the Facts Behind the State Economy speech.
