The present administration in Ogun State has been deliberate in its efforts to create an enabling environment for businesses to thrive and job opportunities for residents across its 20 local government areas.
This assertion was made by the Commissioner for Industry, Trade and Investment, Mr. Adebola Sofela while speaking as a panelist at the 27th Annual Stockbrokers Conference, which was earlier declared open by the Governor Dapo Abiodun in Abeokuta.
Speaking on the theme, “Financing the manufacturing sector to boost State revenue: The capital market solution,” Sofela said it was imperative for capital market operators to provide funding and support for companies from the take-off stage.
He said that despite the closeness of investors to the money market, the role of the capital market in the stability and expansion of business cannot be taken for granted.
Noting that capital market operators can raise equity of capital on a long term basis for businesses, Sofela added that the market has numerous interventions to help the existence of manufacturing companies.
The Commissioner, who is also a Fellow of the Chartered Institute of Stockbrokers, said that Ogun did not become the industrial hub of Nigeria by accident, pointing out that the Prince Abiodun led government has been deliberate in its pursuit of excellence for the State.
According to him, the present government has been committed to increasing Gross Domestic Products and Ogun is among the top earners in internally generated revenue (IGR) in Nigeria, which implies that the State can survive without the monthly Federal Allocation.
“Most industries need funding and support for their businesses and the capital market has an important role to play in this regard, Ogun State Government has been very deliberate in its drive to create an enabling environment for business while creating job opportunities for residents,” he said.
Also contributing on the panel, Otunba Opemipo Agbaje, said the challenge for capital market regulators should be to increase access to capital, pointing out that government should endeavour to improve the economy considering that a capital market cannot outperform its economy.