NSE CEO Oscar Onyema speaks on Made in Nigeria initiative

The 22nd Nigeria Economic Summit currently underway in Abuja has brought the theme of 'Made in Nigeria' to the forefront of discussions. CNBC Africa's Onyi Sunday sat down with Oscar Onyema, the CEO of the Nigerian Stock Exchange, to delve into his perspectives on Nigeria's economic landscape and the initiative to promote locally manufactured goods. Onyema expressed concern over Nigeria's challenging economic state, marked by shrinking GDP, inflation, and stagnation. He emphasized the critical need for urgency in addressing these economic challenges and stressed the importance of restoring liquidity in the FX markets to attract institutional investors back to the economy. One key issue highlighted during the discussion was the disparity in access to foreign exchange between businesses that import goods into Nigeria and those that manufacture domestically. Onyema emphasized the importance of aligning policies and processes to support domestic production, enhance competitiveness, and drive export-led growth. Drawing lessons from successful export-oriented economies like China and Singapore, Onyema underscored the necessity of re-engineering Nigeria's economy towards a similar model. He advocated for a comprehensive strategy that combines various solutions to maximize impact rather than relying on a single 'silver bullet' approach. The role of the capital market in raising funds and addressing government debt was also a key topic of discussion. Onyema highlighted the transformation and readiness of the capital market to efficiently mobilize savings and capital for economic growth. He emphasized the need for innovative products in areas like infrastructure financing and privatization to drive developmental initiatives. Onyema proposed exploring diverse options including debt issuance, asset sales, and public-private partnerships to fund critical projects while ensuring transparency, corporate governance, and broader participation. He underscored the importance of strategic asset sales that attract additional investments and stimulate economic growth. Onyema's insights shed light on the strategic economic re-engineering required to support the 'Made in Nigeria' initiative and drive sustainable growth in Nigeria's economy.