NGX Seeks Nollywood Partnership to Boost Retail Investor Activity

December 29, 2023
NGX Last Trading Day RMD

By Aduragbemi Omiyale

The chief executive of the Nigerian Exchange (NGX) Limited, Mr Temi Popoola, is looking for ways the Nigerian film industry, popularly known as Nollywood, can use its influence to deepen retail investor activity in the nation’s capital market.

Speaking at a ceremony to close the last trading day of 2023 on the floor of the exchange on Friday, he said stakeholders in the movie sector, especially filmmakers, can use the capital market to raise funds for their big-budget projects.

According to him, it is one avenue Nollywood can explore to source funds for their films, which are usually capital-intensive.

To beat the closing gong for today, the NGX invited a veteran actor, Mr Richard Mofe Damijo, otherwise known as RMD.

Mr Popoola said RMD, who is the chief executive of RMD Productions, was given the honour to close the last market session of the year because of his remarkable achievements in the film industry.

“Nollywood plays a critical role in selling the Nigerian economy and can help to catalyse increased retail investor activity by educating the younger generation to further crowd them into the market.

“Nollywood stakeholders can also leverage the market to raise the capital to fund their businesses and projects, deepening the synergy between the creative sector and the capital market,” the NGX chief said.

In his remarks, RMD noted that it was important that the business community and the creative sector stimulate interactions as both sides had tremendous value to offer each other and drive the growth of the Nigerian economy.

“We cannot promote Nigeria or attract foreign investment without integrating our art and culture into it,” the actor said, adding that other countries who promote their economies on international platforms go through their art and culture.

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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