President William Ruto has said that his government will raise funds for government projects through the Nairobi stock exchange rather than borrowing from external markets.
Speaking during the Nairobi Securities Exchange (NSE) Market Place launch on Tuesday, October 11, the head of state said that the government will list between six and ten state corporations on the NSE within the first year of his administration, either by repealing the privatization law that has hampered processes or amending it to suit the process.
“I look forward to GOK raising resources for our development from Nairobi Securities Exchange,” he noted.
The head of state asked low-income earners such as mama mbogas and boda boda operators to buy shares in companies listed on NSE.
“I look forward to many Kenyans buying, selling and growing their wealth using NSE. I also look forward to the time when a boda boda guy or a mama mboga will trade on their phone as he or she awaits the next customer instead of betting. It’s possible,” Ruto said.
President Ruto rang the Bell during the event to signal the official launch of the day’s market trading.
During the event, Deputy president Rigathi Gachagua noted that the capital markets industry is a very serious partner in driving the economic transformation of Kenya.
“We are under instructions to do away with bureaucracy and red tape to accelerate the growth of the capital markets and we will work together with all industry players to achieve this goal,” he reiterated.
NSE chairperson Kiprono Kittony noted that the NSE Market Place will help highlight opportunities for global companies looking for international expansion, particularly in Africa, to consider listing in these markets.
“The Market Place will provide a platform for Kenya to communicate investment opportunities to the world, positioning the country as a hub for trade and investments, enabling Kenya to attract FDI across various sectors,” Kittony said.
The NSE is Africa’s fifth largest exchange and the second most diverse after South Africa.
