Alternative Financing for Development

Address by His Excellency, The Executive Governor of Nasarawa State, Alhaji (Dr.) Abdullahi Adamu (Sarkin Yakin Keffi), on the Occasion of Public Enlightenment Workshop on Opportunities in the Nigerian Capital Market for the Development of Nasarawa State, Held at the Ibrahim Abacha Youth Centre, Lafia on 22 March, 2005

It is with a high sense of responsibility and joy that I welcome the management of Securities and Exchange Commission (SEC) to this very important occasion of the Public Enlightenment Workshop on the Opportunities in the Nigerian Capital Market for the Development of Nasarawa State.

Today’s occasion is of great significance to the Government and people of Nasarawa State in the sense that it would provide an avenue for the enlightenment and sensitisation of our people on the abundant opportunities for financing or re-financing of development projects in the State through the Nigerian Capital Market.

The present Administration is fully committed to the socio-economic development of the State through the design and implementation of capital projects that will have direct bearing on the lives of the ordinary citizens of the State. However, in view of the fact that the quantum and the cost of financing capital projects through the regular commercial banks has become increasingly prohibitive, there is need to seek for alternative financing through the capital market. Thus, the States, Local Governments, and Development Areas as well as their agencies can secure long term financing at usually cheaper rates through the capital market with ease.

In that regard, I believe that this enlightenment workshop will also provide an opportunity for the general investing public to participate and procure shares in publicly quoted companies on the Stock Exchange. This will, no doubt, help in translating our present acute poverty level into economic fortune, thereby providing more employment opportunities, wealth creation and improved standard of living of the people for the State.

On our part, we will continue to pursue policies that will enhance the investment opportunities in the Nigerian Capital Market towards the development of Nasarawa State. I, therefore, commend the Securities and Exchange Commission for this laudable initiative. May I hasten to urge that the vision and ideals that prompted this workshop should be sustained. Our gathering here therefore should be the beginning of a lasting relationship between your Commission and Nasarawa State.

To the participants, I urge you to make good use of the opportunity provided by this sensitisation programme to broaden your knowledge, perception and understanding of the importance of capital markets.

Once more, I wish you a thought-provoking and fruitful workshop. It is now my singular privilege and honour to declare the workshop open.

Thank you, and may God continue to bless our efforts.