Distinguished ladies and gentlemen, it is my pleasure to welcome you to this historic moment, the formal launch of the Lagos Chapter of Nigerians in the Square Mile (NISM).
The NISM has consistently been at the fore front of promoting investment opportunities and development of the Nigerian economy. As a patron of NISM, a movement to connect global expertise and resources with local energy for the accelerated development of the Nigerian economy, I am immensely delighted to be a part of this landmark event.
One of the hallmarks of NISM, which has received global recognition is professional excellence. When I reflect on how far NISM has gone and how much the Association has grown since 2008, I am most impressed. These successes were achieved through the dedication and hard work of many people such as the founders, leaders and members of this great Association.
Therefore, establishing a Lagos Chapter is a logical and crucial step in enabling NISM to deliver on its prime objective which is “serve as a think-tank, and contribute to the development of a vibrant and professional financial services industry in Nigeria”.
NISM understands the relevance and importance of leveraging the Diaspora for the sustainable development of the Nigerian economy. This leverage is imperative as we urgently need to catalyse the rebound of our economy and offer the vast majority of Nigerians, a new lease of life. In this regard, our country must mobilize and harness the technical expertise of its own people, especially the immense potential and resources of its Diaspora community to facilitate development.
According to the World Bank report on remittances, in mid-2016 Nigerians in Diaspora last year remitted about $35 billion dollars to the nation’s economy. It is estimated that over 17 million Nigerians are in the Diaspora and a large percentage of those who are based in the advanced economies are high ranking and prominent specialists in all fields of endeavour, including finance, medicine, education, research, ICT, law and engineering.
NISM is here to establish a better link that works for Nigeria by connecting the best of two cities - London and Lagos. A link that will connect leaders in finance and commerce in Lagos with those in London, creating a powerful alliance of the best thought leaders in both cities. As highlighted in the event brochure today, early joiners of this philosophy already have testimonials on how they have benefitted from the association. I encourage you all to participate.
Be assured that here at the Nigerian Stock Exchange, the only globally recognized Exchange in Nigeria, we believe in open access to opportunities that will create durable wealth for all legitimate investors. That is why we have championed the listing and trading of multiple products, including equities, ETFs, bonds, REITs, etc., and have developed a strong market data business to provide timely information to investors through multiple channels.
Let me appreciate the tremendous efforts put in by the Executives and Advisory Panel of NISM to ensure that NISM Lagos is a reality. I also thank my team at the NSE for facilitating this event today.
Distinguished ladies and gentlemen, in the interest of the nation, let us all support this laudable initiative with enthusiasm. We must remember that inclusiveness is pivotal to realising our quest to make Nigeria great again. We must give every Nigerian, that has something meaningful to contribute to our development, an opportunity to be involved. This is the only way we can build a better future for both the Nigerian state and its Diaspora.
Thank you for your attention and I urge you to enjoy the rest of the programme.