President William Ruto was accompanied by his deputy Rigathi Gachagua and Trade CS nominee Moses Kuria among other dignitaries, in attending the Bell Ringing Ceremony today, September 11, in Westlands, Nairobi. The ceremony officially launched the opening of the Nairobi Securities Exchange (NSE) Market Place.
Speaking at the event, the Nairobi County Governor, Johnson Sakaja, said, “Your visits (referring to the President and other dignitaries) highlights the government efforts to stimulate private investments in public assets and projects with a view to strengthen the fiscal position of the country, reduce reliance of foreign debt as well as boost economic recovery through capital markets.”
The governor shared how they are strategizing and working on making Nairobi, Africa’s finical capital by seeking innovative ways to attracting capital finance in the city.
The President on his part, used the occasion to push his bottom-up economic model and said, “I look forward to a day when a boda-boda guy when waiting for the next customer, would be trading on his phone; instead of betting, guessing and losing money.”
After ringing the bell to commemorate the Launch the Head of State hoped to bring the “hustlers” into the Nairobi Securities Exchange, as he also brings the Nairobi Stock Exchange to Kenyans.
“We are cognizant of the need to protect and promote the small investors. I have instructed the market capital authorities and other relevant departments to work on developing frameworks. That places investor protection including the enhancement of the investor compensation fund, investor education and strict enforcement of compliance by market intermediaries as a center of a re-energized capital market,” President William Ruto.
While on it, the president promised that at least 8-10 new companies will be listed in the NSE within the next 12 months. A promise he intends to keep; he emphasized. The initiative seeks to revive market activity and boost the NSE stock market’s growth. The government is exploring alternative sources of raising money for investment and development.
“Nobody has the monopoly of all knowledge. But together we can build a genius economy if we work together… We don’t have a choice failure, good people is not an option. This is our country collective we must work on it and ensure we all succeed,” President Ruto.
