NSE, NSAG highlight opportunities in agribusiness
The Nigerian Stock Exchange and the Nigerian Stockbrokers Agribusiness Group, has highlighted the need to tap into investment opportunities in agribusiness value chain.
According to a statement, the NSE, in partnership with the NSAG, marked the 2018 World Agriculture Day with a symposium in Lagos. WAGD, which is celebrated on June 11, is an annual event aimed at highlighting the importance of agriculture to economic development as well as call for solutions to the challenges faced in the sector. The NSE said it had always played a crucial role in the agricultural business sector.
The bourse, according to the statement, has five firms, namely Ellah Lakes Plc, FTN Cocoa Processors Plc, Livestock Feeds Plc, Okemah Oil Palm Plc and Presco Plc listed in the sector. The Chief Executive Officer, NSE, Mr Oscar Onyema, who was represented by the Group Head, Corporate Communications, Mr Olumide Orojimi at the event, lauded NSBAG for the initiative.
He challenged the dealing member firms and agriculture sector players to work together and develop an agro product for the capital market. The Co-founder, Cellulant Nigeria, Mr Bolaji Akinboro, who was the keynote speaker, said agriculture must be seen as a business for the value chain to grow across the nation.
He said Cellulant successfully raised $47.5m and had been focused on providing service delivery and investments in the sector. According to him, Nigeria’s agro industry is currently valued at about $50bn while that of Africa at about $450bn, signaling massive investment opportunities.
The event also featured a panel session, with the Head, Agric Finance, Diamond Bank Plc, Lois Sankey; the President, Chartered Institute of Stockbrokers, Mr Adedapo Adekoje; the Acting CEO, Lagos Commodities Exchange, Mr Akinsola Akeredolu-Ale; the doyen of the NSE, Mr Samuel Ndanta, and Akinboro as panelists. The NSE said the celebration was rounded off on Thursday, June 14, with a closing gong ceremony.