By Sandra Umeh/Adepote Arowojobe

Ms Olawunmi Ashafa, an Assistant Editor-in-Chief with the News Agency of Nigeria (NAN), says Nigeria’s journey toward economic transformation demands more than ambition and requires strategic execution and the efficient mobilisation of capital.

Ashafa made this known at a one-day training for journalists, held on Monday in Lagos.

NAN reports that the training was organised by the Nigeria Union of Journalists (NUJ), Lagos Chapter, in collaboration with Chevron and the Nigeria National Petroleum Corporation (NNPC).

She noted that the money market and capital markets are critical enablers for long-term development, offering concrete solutions to prevalent challenges such as unemployment, inflation, and infrastructure deficits.

“These twin pillars of Nigeria’s financial system are not ‘silver bullets’, but they hold immense potential.

“By strategically harnessing their power, Nigeria can unlock capital, deepen financial inclusion, and foster sustainable growth,” Ashafa added.

She underscored that as Africa’s largest economy strives to diversify beyond oil and attract long-term investments, these markets are central to creating an inclusive, sustainable, and enduring economic future.

Ashafa highlighted key areas where money and capital markets could provide solution to include bridging the infrastructure gap, projected to cost three trillion dollars over the next three decades and can be significantly addressed through the capital market.

She pointed to the success of Sukuk bonds in funding road construction with transparent use of proceeds, and the potential of infrastructure bonds from the Debt Management Office (DMO) and private entities to attract long-term funding.

Others, she added, are financing the Private Sector, particularly the Small and Medium Enterprises (SMEs), which account for over 80 per cent of Nigeria’s employment, face chronic financing challenges.

Ashafa explained that the capital market offers vital alternatives through venture capital, private equity, and crowdfunding platforms.

She also highlighted the NGX’s Growth Board as crucial for fast-growing SMEs to access long-term capital, and noted the money market’s role in providing working capital to larger corporations via commercial papers.

She advocated for a more balanced market, with increased corporate debt issuance and reduced government borrowing, to improve monetary policy transmission and stimulate private sector growth.

On attracting Foreign Direct Investment (FDI), Ashafa stressed that a vibrant and transparent capital market is fundamental for building investor confidence and attracting the FDI needed for technology transfer, infrastructure, and job creation.

She called for improved FX management, clear monetary policy direction, and reduced bureaucratic bottlenecks to enhance the investment climate for both Foreign Portfolio Investors (FPIs) and direct investors.

According to her, fintechs are driving inclusion through technology and innovations that allow acccess to digital investment platforms.

Ashafa highlighted green finance as a powerful tool for transformation, especially as Nigeria is vulnerable to climate shocks.

She lauded the Federal Government’s issuance of green bonds for renewable energy and afforestation projects as a pioneering step and emphasised the importance of integrating ESG (Environmental, Social, and Governance) metrics into investment strategies.

To fully unlock this potential, Ashafa stressed that Nigeria must address regulatory bottlenecks and enhance market governance.

She urged institutions like the Securities and Exchange Commission (SEC), CBN, PenCom, and NAICOM to work in synergy to ensure policy coherence and robust investor protection.

While acknowledging positive steps like the Finance Act and improvements in the Pension Fund Regulatory Framework, Ashafa explained that consistent implementation remains a key challenge.

She advocated simple listing requirements to reduce transaction costs, promote financial literacy, and incentivise innovation to accelerate growth.

“In a country battling high youth unemployment and inflation that erodes purchasing power, the opportunity cost of inaction is simply too great.

“It is time for Nigeria to decisively deepen its financial markets, embrace innovation, and create pathways for wealth creation beyond its traditional reliance on oil.

“If used effectively, the money market and capital market will not just support economic growth, they will drive a transformation that is truly inclusive, sustainable, and enduring for generations to come.”

Ealier in his welcome address, Mr Adeleye Ajayi, Chairman, NUJ, Lagos chapter, said the training was coming at a time when the economy of the nation and business climate were undergoing surgery and rejuvenation by the Federal Government.

According to him, it is, therefore, imperative to collate all shades of opinions and views on how to bring the Nigeria economy back on track.

He emphasised the need for a realistic budget system.

He also commended the sponsors of the training, saying they had been consistent in supporting the union. (NAN)(www.nannews.ng)

Edited by Chinyere Nwachukwu/Folasade Adeniran