By Itohan Abara-Laserian
Lagos, Feb. 11, 2021 Mr Johnson Chukwu, Chief Executive Officer, Cowry Asset Management Ltd., has said that Foreign Direct Investment (FDI) was crucial to boosting capital inflows for funding of the country’s capital projects.
Chukwu said this while presenting a paper titled: ‘Addressing Nigeria’s fiscal challenges – Exploring Alternative Funding Approach,’ on Thursday in Lagos.
The webinar was organised by the Capital Market Correspondents Association of Nigeria (CAMCAN).
He stressed the need for appropriate policies that would attract more FDIs into the country for infrastructure development.
He noted that Nigeria recorded $1.44 trillion inflow of FDI in 2015 as against $1.028 trillion reported in 2020.
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At the backdrop of the recent bullish (trend in the) stock market, just six companies listed on the Nigerian Stock Exchange, NSE, now account for 71 percent of the market size, while a set of 15 accounts for about 90 percent of the market.
The total number of companies on the NSE as at last weekend is 165 with 150 of them confined to the little fragments of the market.
The market capitalisation of the six dominating companies hit N13.722 trillion last weekend while the total market capitalization peaked at N19.236 trillion.
The NSE market capitalisation of the equities refers to the total value of the equities of all the 165 companies listed on the Exchange.