NGX Seeks Collaboration to Drive Productive Investments

December 3, 2021
NGX Productive Investments

By Aduragbemi Omiyale

The Nigerian Exchange (NGX) Limited has called on stakeholders in the capital market to work together to achieve productive investments driven by a digitized capital market.

The chief executive officer of the NGX, Mr Temi Popoola, speaking at the maiden edition of the capital markets conference in Abuja on Tuesday, disclosed that this will deepen the market and attract more foreign investors.

“As a major propeller of the economy, we are proud to be at the forefront of this milestone which is defining moment for Nigeria’s finance sector and the capital market specifically.

“The long list of key stakeholders from the public and private sector in attendance at today’s conference shows how open the NGX is to leveraging relationships and partnerships to advance its digital transformation agenda,” he stated.

“Taking this forward, the NGX will continue to deepen and increase access to financial services for Nigeria through technology while championing the infrastructural development and the economic growth of the country,” Mr Popoola assured.

At the hybrid event themed The Future Ready Capital Markets; Innovating for Nigeria’s Sustainable Recovery, Vice President Yemi Osinbajo shared insights and broaden the thinking needed for greater capital flows through innovative sources of financing for the capital market.

He lauded the digitisation efforts of NGX and urged the exchange to continue to collaborate with all government agencies and regulators, such as the Central Bank of Nigeria (CBN), the Securities and Exchanges Commission (SEC) and National Pension Commission (PenCom) amongst others to ensure that the excessive risk premium of the capital market are abated and foreign investors are strongly reassured of foreign investment mechanisms and other regulations that would help them channel their resources in and take them out with the least possible constraints.

“As a government, we have shown our commitment to the growth of NGX and we want NGX to see itself as a critical player, even in negotiations on Africa-wide initiatives such the Africa Continental Free Trade Area (AFCTA).

“The macroeconomic environment and the regulatory regime present unprecedented opportunities, as heralded by the inaugural Capital Markets Conference, to bring in more retail investors, deepen the market and positively impact the livelihoods of Nigerians,” Mr Osinbajo said.

Also speaking at the conference, Chairman of NGX, Mr Abubakar Balarabe Mahmoud, said the Nigerian capital market has the capacity to drive economic development and wealth creation through innovation and digitalisation.

“As shown by the conclusion of diverse speakers and panellists, an elevated capital market can strongly contribute to the government’s developmental agenda especially around the improvement of the economy,” Mr Mahmoud concluded.

The inaugural NGX capital markets conference is the first in the series of events to catalyse the capital market of the future that sustainably leverages technology to champion the infrastructural development and the economic growth of the country.

The programme brought together leading policymakers, financial experts, business leaders, investors, international development partners and regulators.

A few of those who graced the occasion were Chairman of BUA Group, Mr Abdul Samad Rabiu; Senate President, Mr Ahmad Lawan, represented by Mr Ibikunle Amosun, Chairman, Senate Committee on Capital Market; Speaker of the House of Representatives, Mr Femi Gbajabiamila; Chairman of House Committee on Capital Markets, Mr Babangida Ibrahim; Governor of Ekiti State and Chairman Nigeria’s Governors Forum, Mr Kayode Fayemi; Governor of Edo State, Mr Godwin Obaseki; Governor of Kaduna State, Mr Nasir El-Rufai; amongst others.

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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