The Head of Research FMDQ Group Plc, Dr Vincent Nwani, says there is a need to improve efforts to attract some of the $30 trillion sustainability funds available globally into the Nigerian capital market.
Nwani stated this at the Capital Market Correspondents Association of Nigeria 2023 workshop with the theme: ‘Leveraging Capital Market in Financing the National Development Plan.
Nwani stated that while efforts were being made at the level of the exchanges, there was a need for more action from the other participants in the market.
Sustainability finance: He said, “On sustainability finance, about $30 trillion is out there looking for who to take it as far as sustainability is concerned.
Lagos State: Nwani added that Lagos State had gone far in terms of offering a green bond, noting that announcements should be made soon.
“Lagos State has even gone very far and an announcement will be made on their coming to the market as far as the green bond is concerned. Rest assured things are being done around tapping the $30 trillion sustainability finance.
On the theme of the workshop, Nwani argued that the Nigerian capital market might be unable to finance the National Development Plan, saying, “If the capital market is going to power the National Development Plan, it is obvious that we have to increase scale. Is our capital market in a place where it can power this plan?
Housing deficit: He added that the government and stakeholders needed to pay more attention to housing and bridging the housing deficit.
“In financing this National Development Plan, for infrastructure, we have emphasised but we also need to look at housing. About 17 million housing units are needed.
Challenging players in the capital market, Nwani urged them to move away from bite-sized investments and make bold moves.