The role the NSE should be playing in Nigeria

[propertyinnigeria]

The NSE is one of those achievements that Nigeria should be proud of however, on an international scale we are still way off in terms of potential we ought to achieve.

I see the NSE as an institution that needs companies to do so well, so that they can be listed for trading on the exchange, for companies to do so well they need to be encouraged to drastically smarten up their act and become the next India and China of Africa, from the raw materials we produce we can start addressing the issues in western societies that have a significant requirement for reducing the cost of production otherwise called outsourcing.

If Nigerian companies can be geared to fulfil these requirements, their business would significantly grow; the EFCC and NSE as well as other Government agencies would ensure all the transactions are above board and the right governance is in place.

In a period of 1 - 2 years, NSE can help broker significant deals internationally to invite international companies in to the forum as well as provide services and facilities to enable Nigerian companies to meet the international standard, almost like an incubation service.

I met the NSE at the EFC exhibition in London and I must say I was quite impressed, but like I said earlier, the game is not within Nigeria anymore, it is now international and with the help of NSE, I have proposals on how NSE can broker international requirements for Nigerian companies that would have been incubated to an international standard to fulfil the requirements.

What will this mean for NSE? More and more Nigerian companies that deliver via the forum will be profitable enough to be listed on the exchange, and their profitability will mean more profitability for the exchange in the long run.

I recently described this proposal and it was published in the Tribune, in it I described how within 12 months real changes can be seen in local economies across Nigeria. The impact is significantly enormous and is one that would challenge exchanges round the world when the impact of such a success becomes internationally recognised.

As the Yoruba’s say " da omi si waju, lati te ile tutu" in other words pragmatic assistance, help the business to do more business and help yourselves to trading them.

The example I wrote within this forum about the prefabricated houses in Nigeria is another area, there is nothing in those pictures that can not be made 100% in Nigeria, and if we can address international needs it means we can in parallel address Nigerian needs as well. The time for talking in Nigeria is gone and like the NSE’s Director said in London, it is time for action, real visible action that can be realised in the short term.


I also wrote in the Tribune that targeting Nigerian in the Diaspora is not an ideal solution, the majority of Nigerians in the Diaspora do not have the disposable income the real rich Nigerians in Nigeria have. OK, there may be a few here and there but most Nigerians in Diaspora consider the Nigerians in Nigeria richer and it is self evident. In my article I articulated that the government should not be interested in Nigerians in the Diaspora as they are currently but create a forum that will utilise their expertise within an industry that would benefit Nigeria. For example if the NSE in collaboration with myself can kick off this forum back by the Nigerian Government, this first task would be to identify the companies and industries within the various sectors that utilise our natural resources, we would then identify the various parts of the world that have requirements for these resources and in the format they are required. Our role would then be to get these Nigerian companies to an international standard, by incubation I mean, provide them with the technology to accentuate their products and services as well as run the front and middle tier services that is synonymous with an international company, leaving the company to do what they do best and facilitate the delivery of projects on time, under budget and resource. With this is place we can quite gets requirements round the world with the engagement of the various chambers of commerce and start business transactions. These are simple ideas that can go along way in addressing local economies across Nigeria and improving employment and creating companies that can be worthy of listing in the exchange, this in turn will then start attract foreign investors into Nigerian companies traded on the NSE.


If the NSE is interested in addressing this issue further, i am always available on ben.oguntala@propertyinnigeria.com

[c kenneths]

You do have some nice proposals, but am afraid if any member of the forum works for the NSE.

What I advice is that you get off your high horse and get down and dirty like the rest of us, come into Nigeria an buy and sell, construct and sell houses, get profitable and of course recognised enough for the NSE to list you so we can buy your shares if we believe you can add value to our pockets.