THISDAYonline

Prospect of trading in asset-backed securities and other derivatives is expected to form part of today's discussion between the management of the Nigerian Stock Exchange (NSE) and the Executive Vice President/Chief Executive Officer of the International Finance Corporation (IFC), Mr. Peter Woike.

Woike, who is the Managing Director of the World Bank Group for Private Sector Development is presently on a four-day visit to Nigeria and expected to open trading activities on the Exchange this morning in Lagos as well as meeting securities dealers.

Also, Woike will emphasize IFC's work in reviving the Nigerian corporate bond market which is currently attracting the attention of the government. IFC is the private sector arm of the World Bank Group and has for three consecutive years rated Nigerian stock market second best in terms of dividend returns.

"Mr. Peter Woike will open trading at the NSE by ringing the opening bell. Mr. Woike is expected to discuss the prospects of the NSE' plan to introduce asset backed securities and other derivatives trading including bonds" the NSE explained a press release.

"I am glad to be visiting Nigeria once again," Mr. Woicke said. "My visit underlines the importance and continuing commitment that IFC attaches to its work in Nigeria, and it gives me an opportunity to assess first hand how the country is progressing with its reform agenda."

Woicke will share IFC's new Africa strategy with clients, government, industry leaders and entrepreneurs, and discuss ways of enhancing IFC's services and contributions. He will also meet with the government's economic management team to review Nigeria's private sector development priorities and ensure that IFC is in accord with the new administration's economic development program.

He also will take part in an event to mark IFC's investment in MTN Nigeria and attend a ceremony to commemorate IFC's proposed investment in a micro-finance institution.

IFC's strategic priorities in Nigeria include assisting small businesses through providing technical assistance and financing; assisting the non-oil sector, especially in financial restructuring and expanding nontraditional exports; enhancing the domestic financial sector by providing resources to commercial banks for medium-term lending; introducing new financial products to enhance the development of Nigerian capital markets; and promote privatization and private investments in infrastructure services.

IFC also works in Nigeria and throughout Africa through specialized facilities such as the Africa Project Development Facility, which identifies African entrepreneurs and helps them organize, diversify, and expand their businesses by assisting them throughout the project preparation cycle. In addition, IFC works through AMSCO (African Management Services Company), which helps strengthen African enterprises by providing experienced managers and training local management teams.

Notable recent projects include IFC's investment in cellular operator MTN Nigeria, to which the Corporation provided a US$100 million financing package - the largest IFC investment to date in the country. The $1.3 billion project is being financed by a combination of debt, equity and standby facilities.

Another notable project is the micro-finance institution investment with ACCION International and a group of Nigerian banks. This project aims to improve access to finance for micro, small and medium-sized enterprises.

The mission of IFC is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses.