Lagos: Ms Olawunmi Ashafa, an Assistant Editor-in-Chief with the News Agency of Nigeria (NAN), asserts that Nigeria’s path toward economic transformation requires strategic execution and efficient capital mobilisation beyond mere ambition. Ashafa shared these insights during a one-day journalist training held on Monday in Lagos.
According to News Agency of Nigeria, the training was organised by the Nigeria Union of Journalists (NUJ), Lagos Chapter, in collaboration with Chevron and the Nigeria National Petroleum Corporation (NNPC). Ashafa emphasized the crucial role of money and capital markets in addressing Nigeria’s economic challenges, such as unemployment, inflation, and infrastructure deficits.
She described these markets as critical enablers for long-term development, highlighting their potential to unlock capital, enhance financial inclusion, and promote sustainable growth. As Nigeria aims to diversify its economy beyond oil, these markets are seen as essential to creating an inclusive and enduring economic future.
Ashafa identified key areas where money and capital markets could provide solutions, including bridging the infrastructure gap, which is projected to cost three trillion dollars over the next three decades. She pointed to the success of Sukuk bonds in funding road construction and the potential of infrastructure bonds from the Debt Management Office (DMO) and private entities to attract long-term funding.
Additionally, Ashafa highlighted the financing challenges faced by Small and Medium Enterprises (SMEs), which account for over 80% of Nigeria’s employment. She explained that the capital market offers vital alternatives through venture capital, private equity, and crowdfunding platforms. Furthermore, she underscored the importance of the NGX’s Growth Board for fast-growing SMEs to access long-term capital and the money market’s role in providing working capital to larger corporations via commercial papers.
Ashafa also called for a balanced market with increased corporate debt issuance and reduced government borrowing to improve monetary policy transmission and stimulate private sector growth. She stressed the need for a vibrant and transparent capital market to attract Foreign Direct Investment (FDI), which is essential for technology transfer, infrastructure, and job creation.
To enhance the investment climate, Ashafa advocated for improved FX management, clear monetary policy direction, and reduced bureaucratic bottlenecks. She noted the role of fintechs in driving inclusion through technology and innovations that provide access to digital investment platforms.
Highlighting green finance as a transformative tool, Ashafa praised the Federal Government’s issuance of green bonds for renewable energy and afforestation projects. She emphasized the importance of integrating ESG (Environmental, Social, and Governance) metrics into investment strategies.
Addressing regulatory challenges, Ashafa urged institutions like the Securities and Exchange Commission (SEC), CBN, PenCom, and NAICOM to ensure policy coherence and robust investor protection. While acknowledging positive developments like the Finance Act and improvements in the Pension Fund Regulatory Framework, she noted that consistent implementation remains a key challenge.
Ashafa concluded by advocating for simple listing requirements to reduce transaction costs, promote financial literacy, and encourage innovation. She stressed that Nigeria must decisively deepen its financial markets to drive inclusive and sustainable economic transformation.
In his welcome address, Mr Adeleye Ajayi, Chairman of the NUJ, Lagos chapter, noted that the training occurred at a time when the nation’s economy and business climate were undergoing significant changes. He emphasized the importance of gathering diverse opinions to help steer Nigeria’s economy back on track and commended the sponsors for their consistent support.