Hon. Minister of Culture, Tourism and National Orientation

Visit of the Honourable Minister of Culture, Tourism & National Orientation to theNigerian Stock Exchange. 11 th of October, 2013Welcome Remarks by Oscar Onyema, CEO NSEProtocolDistinguished Ladies and Gentlemen, it gives me great pleasure to welcome the HonorableMinister of Culture, Tourism & National Orientation, Chief Edem Duke and his team to the NSE.I would like to applaud the Honourable Minister for his leadership in the revitalization of theCulture and Tourism sector in Nigeria. Your passion for our great nation, dedication topromoting the people, our rich cultural assets and tradition of enterprise has been recognizedglobally. Under your leadership, a new sense of pride and awareness is emerging in our nation,and increasingly around the world.Today, tourism is widely recognized as a key component international commerce, andrepresents one of the main sources of income, job creation and sustainable growth for manydeveloping countries. Tourism also contributes immensely to positive macro-economicindicators in many emerging markets.Here at the Nigerian Stock Exchange, we recognize that the future of our great nation rests onour ability, to work across sectors to build an environment that promotes economic growth anddevelopment, and ultimately benefits the people of Nigeria. We applaud your record ingrowing the domestic and international tourism market in Nigeria. Beyond its role in economicdevelopment, a vibrant and diversified tourism sector can contribute to the growth of small andmedium-businesses, generating employment and economic progress for millions of Nigerians inmany related sectors – from hospitality and construction through agriculture toThere is huge opportunity to attract small and medium sized businessesto the Alternative Securities Market (AseM) at the Exchange, which is specifically for emergingcompanies with high potential for growth in Nigeria. To build a globally competitive tourismsector, enterprises –both small, medium sized and large often require access to capital.As a nation with of over 174 million people, we fully understand that promoting tourism andharnessing arts and culture is an important strategy for achieving our goals in economicdevelopment. As part of our contribution to supporting local content, The Exchange is buildinga library of Nigerian art and as part of our collection we have pieces from renowned Nigerianartists as well as up and coming talent.Over the last few months, as I have travelled across this country, I have been impressed by theremarkable improvement in our infrastructure, cultural assets, and economic landscape alongwith the expansion of hotels, restaurants, and entertainment venues. Nigeria records millionsof visitors annually. Increasingly, these visitors are drawn to Nigeria for leisure and businesspurposes and, there is great potential for expanding this number. Indeed, a thriving tourismsector will establish Nigeria as a leading destination for business, investment and human capital1

for both local and foreign clients. I can only imagine that if all Nigerians were to embrace andbuild on the vision that has been established by your ry, N g r ’ role as the giant ofAfrica would be solidified.We are also privileged to welcome the Honorable Minister and his team to The Exchange,because we recognize that the ambitions of the tourism and financial sector are inextricablylinked. Just as a vibrant and dynamic tourism sector can help attract investment capital to ournation, so in turn can a thriving financial sector help fuel growth in our tourism sector.At the Exchange, our broad objective is to become an African institution that competesfavorable in the global markets. Today, the hallmarks of The Exchange are transparency, ethicaldealings, integrity and professionalism. These values are catalytical in our drive to develop thecorporate governance standards and instil the financial discipline critically needed in Nigeriancompanies. As The Exchange builds awareness and attracts local and international investors,we wish to partner with the Ministry and its agencies to showcase the benefits and initiatives ofthe Stock Exchange within the tourism sector. One way is to include our collaterals in hotels,airports, museums, cultural centers and embassies across Nigeria and globally.Only a few weeks ago, I accompanied His Excellency, President Goodluck Jonathan and adelegation of senior Nigerians to visit the New York Stock Exchange. It was a proud moment tohave the first sitting Nigerian President ring the closing bell at one of the most iconic exchangesglobally. During the visit, one thing stayed on my mind; it is hard to imagine a tourist or even aprominent businessman visit New York City without wanting to see the iconic NYSE building onWall Street. Upon my return, it was evident that there is a need to celebrate our heritage andhistoric landmarks h r v ry w “S k Ex h g H ” in the same manner.Distinguished Ladies and Gentlemen, I would like to state that the NSE is committed tosupporting the Tourism industry under the guidance of the Honourable Minister. To this end,as we witness t d y’ symbolic closing bell ceremony by the Honourable Minister, may thisfurther strengthen our collaboration towards advancing Nigerian enterprise together!Thank you.2