Debt Management Office, DMO and Nigerian Stock Exchange, NSE have agreed on greater collaboration to ensure bond market development and economy growth with the arm of sustaining the nation’s stock market to remain on top.
The director-general of DMO, Dr Abraham Nwankwo, who disclosed this recently explained that the efforts was to ensure sustained partnership to enhance the nation’s economic development.
He said that the Nigerian economy is proud of the NSE taking into account the volatility in the global and local stock market, since 2012, saying, “It takes the strength of the stock exchange for us to be on course.
Nwankwo stated that in 2012, the DMO listed an outstanding of about N72 billion worth of FGN bond and today that has multiplied over eighth times to about N5.8 trillion listed as an outstanding FBN bond on the NSE.
He assured that the DMO would do all within and outside its mandate to serve as a bridge in ensuring that the NSE has access to deliver on its various initiatives for the growth of Nigeria economy. He also noted that in the next couple years, given the focus of the present administration of President Muhammadu Buhari, the Nigeria economy is bound to demonstrate its resilience as it looks to establish itself on the path of sustainable growth.
Nwankwo emphasised that the DMO want to collaborate with other institution, especially the private sector, to enable it strategise and produce maximum results for the Nigeria economy.
He assured Nigerians that the economy is very resilient because the federal government is in control and Nigeria’s economy will continue to remain sustainable.
The DG stressed that the economy is not only resilient and diversifiable but has started a robust journey upward under the present administration.
He said, “Nigeria should be very proud that it has a CBN, it has an economic system that in spite of the oil shock we had our economy still remains strong. Other countries that have been in similar position, countries like Venezuela, Russia, have had their currencies devalued very rapidly in the 30 days of the oil shock.
“But you can observe that it was until about three months or four months later that in Nigeria’s case that the CBN has to do some little adjustments in the exchange rate.”
He further stated, “This shows that over these years, we have attempted to improve, to diversify the economy to centre on agriculture and that is a source of inspiration for all of us. The inspiration is that given the current administration of President Muhammadu Buhari, there is a certain change and Nigerians should use this opportunity to do better than we did in the past by making sure that agriculture continues getting modernised so that we have food security. So that we also produce enough for processing and manufacturing, this will ultimately bring about the desired job creation that is at the centre of President Buhari’s administration.”

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