By Barnabas Esiet.
In a move aimed at strengthening global partnerships and driving growth in Nigeria’s capital markets, the Nigerian Exchange Group (NGX Group) and the Securities and Exchange Commission (SEC) Nigeria embarked on a strategic visit to India.
The two-day visit, which took place on December 16 and 17, 2024, at the National Stock Exchange (NSE) headquarters in Mumbai, India, brought together key stakeholders to explore opportunities for collaboration and knowledge sharing.
The visit was marked by high-level engagements between the NGX Group, SEC Nigeria, and the NSE India, with discussions focusing on retail participation and education, governance, strategic investment, and the adoption of innovative technologies to enhance market efficiency.
The delegation also visited other key players in India’s financial ecosystem, including Deutsche Bank India, the National Payments Corporation of India (NPCI), the Securities and Exchange Board of India (SEBI), and Tata Consultancy Services (TCS).
According to Dr. Umaru Kwairanga, Chairman of NGX Group, the visit was aimed at learning from India’s experiences as a vibrant, innovative, and technology-driven exchange in a bustling economy.
“We congratulate you on your success as a nation and an exchange, but, more importantly, we are here to learn from your experiences,” he stated.
Dr. Emomotimi Agama, Director-General of SEC Nigeria, emphasized the regulatory benefits of the visit, noting that collaborations like these allow Nigeria to adopt global best practices in regulating and developing its markets.
“The insights gained from this engagement will play a critical role in shaping policies that promote transparency, stability, and investor confidence,” he said.
Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group, reinforced the importance of this collaboration, stating that it marks a new chapter in NGX Group’s commitment to fostering innovation and driving growth in Nigeria’s capital markets.
“By learning from the National Stock Exchange of India, a leader in leveraging technology for market development, we aim to enhance our operational efficiency and introduce cutting-edge solutions tailored to our market’s unique needs,” he said.
The visit also provided an opportunity for the Nigerian delegation to gain insights into India’s financial ecosystem, including its payment system infrastructure and regulatory frameworks.
The delegation’s interactions with key stakeholders in India’s financial ecosystem are expected to yield valuable lessons and insights that will inform the development of Nigeria’s capital markets.
The ceremonial market closing at NSE India, which marked the highlight of the visit, symbolized the commitment to forging stronger ties and fostering collaboration between the two markets.
The visit by NGX Group and SEC Nigeria to India marks a significant step towards deepening global partnerships and driving growth in Nigeria’s capital markets.
As Nigeria continues to navigate the complexities of its capital markets, the lessons learned from this visit are expected to play a critical role in shaping the country’s economic future.
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