The chief executive officer of the Nigerian Stock Exchange (NSE), Oscar Onyema, on Tuesday said that the exchange has hit a total market capitalization of N19.1 trillion or $62.6 billion.
Onyema also said that the NSE is looking forward to working closely with the ministry of mines and steel development towards achieving its mandate of establishing a $600 million investment fund for the sector.
He made the disclosure while speaking at the National Mining Summit & ConMin West Africa, which began in Abuja on Tuesday, hosting 43 regional and international companies with a target to serve the growing construction machinery, infrastructure and mining equipment industry.
According to Onyema, there are currently 175 listed companies on NSE, representing diverse sectors of the economy, with market capitalization of the natural resources sector, including one metal and one mining company, standing at a little over N5 billion.
“On the Fixed Income side, we have a total bond market capitalization of N7.54 trilion ($24.6), of which N563.6 billion ($1.85bn) was issued amongst 18 state governments for infrastructure and project funding,” he said.
Today, the Nigerian mining sector accounts for 0.02 percent of exports, 0.3 percent of national employment and contributes 0.5 percent, an estimated $2.0 billion, to the nation’s GDP.
However, in 2015, the South African mining industry contributed $19.6 billion towards the country’s GDP, representing 7.1 percent of overall GDP, while the Canadian mining sector contributed $56.0 billion or 3.4 percent to GDP, and accounted for 19 percent of its export value in the same year
