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1 FMDQ OTC Securities Exchange The Nigerian Debt Capital : Challenges & Opportunities Bola Onadele. Koko Managing Director/CEO March 29, 2016 Global Competitiveness Operational Excellence Liquidity Diversity

2 Part 1 Debt Capital s (DCM) Sizing 2 Part 2 Nigerian DCM - Challenges 4 Part 3 Nigerian DCM - Opportunities 5 Part 4 Nigerian DCM Transformation 6 Part 5 Glossary 7 1

3 Debt Capital s (DCM) Sizing Global Comparison* Nigeria South Africa Malaysia USA UK Opportunity for Nigeria? GDP ($'bn) ,157 2,609 Total Debt ($'bn) ,591 4,276 Total Debt/GDP Total Debt ($'bn) ,591 4,276 Sovereign ($'bn) ,699 2,111 Non-Sovereign (Corporates) ($'bn) ,501 1,117 Non-Sovereign (Other) ($'bn) ,391 1,048 *Data December

4 Debt Capital s (DCM) Sizing../2 Nigeria s DCM Breakdown (Current) Sovereign (91.8%) Non-Sovereign (8.2%) Debt Security Value ( bn) % of Total Debt Security Value ( bn) % of Total Debt Short-term T.bills 5, CPs Long-term FGN bonds 6, Corporate bonds Sub-national bonds Supranational bonds Sukuk Total 11,651 1,027 Source: FMDQ DQL 3

5 Nigerian DCM Challenges Primary Over-reliance on banking sector funding High issuance costs Limited diversity of products Low investor confidence Low investor diversification Challenging time-tomarket Restrictive investment rules Uncertain Tax Policy Limited leverage Origination Buy-Side Government & Regulatory Secondary Insufficient issues sizes Inadequate liquidity providers Stringent regulatory policies Liquidity Inadequate knowledge across value-chain Knowledge* *Applies to both primary and secondary markets 4

6 Nigerian DCM Opportunities Sectors Products Other Infrastructure: Housing (NMRC) Transport (Road Bond; Rail Bond) Infrastructure Energy Housing (Power Bond) (NMRC) Transport Energy (Power Bond) Private Companies Bonds Sukuk Receivables Notes Securitisation Repos Secondary Participation - Dealing Member (Specialists) Retail Participation Financial s Support for Economic Development Workgroup Basel Pre-III Financial Registration s Rights Support Basel for III Economic Regulatory Development Frameworks Workgroup Streamlining NMRC Nigeria Mortgage Refinance Company 5

7 Nigerian DCM Transformation Steering Committee (SteerCo) Top-level sponsorship and oversight Mapping out of strategies and plans (SubCo initiatives) Sub-Committees (SubCos) Transformation Committee (TransCo) Project Management Office (PMO) Regulation Consolidation Product and Infrastructure Liquidity & Enhancement Investor/ Issuers & Intermediaries Engagement /Education Planning Committee /FMDQ/ Consultant representatives Representatives PenCom CBN FIRS CMSA NIA NAICOM FMDQ SEC, MoF, CAC NMRC Infrastructure Bank Development Finance Institutions (DFIs) AIHN CMSA FMDQ 6 CBN Custodian PenCom PFA CSCS FMDA FMDQ Custodian/Trustees PFA Rating Agencies DMO Commercial Banks Capital Associations FMDQ FMAN

8 Glossary AIHN Association of Issuing Houses of Nigeria CAC Corporate Affairs Commission CBN Central Bank of Nigeria CMSA Capital Solicitors Association CSCS Central Securities Clearing System PLC DMO Debt Management Office FIRS - Federal Inland Revenue Service FMAN Fund Managers Association of Nigeria FMDA Financial Dealers Association FMDQ FMDQ OTC Securities Exchange MoF Ministry of Finance NAICOM - National Insurance Commission NIA Nigeria Insurers Association NMRC Nigeria Mortgage Refinance Company PenCom National Pension Commission PFA Pension Fund Administrator SEC Securities and Exchange Commission 7

9 Thank you for your attention Global Competitiveness Operational Excellence Liquidity Diversity

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