The Nigerian Exchange Limited (NGX) has called for increased collaboration among key players in the nation’s economy towards driving productive investments that would accelerate digitized capital market.
The Chief Executive Officer, NGX, Temi Popoola, made the call at the maiden edition of the capital markets conference with the theme; “The Future Ready Capital Markets; Innovating for Nigeria’s Sustainable Recovery” held at Transcorp Hilton Hotel, Abuja.
He expressed satisfaction with the deliberations, outcomes and agreed way forward by key speakers and panelists at the event.
In his words: “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 NGX is to leveraging relationships and partnerships to advance its digital transformation agenda”.
“Taking this forward, 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” The NGX CEO assured.
The event brought together leading policymakers, financial experts, business leaders, investors, international development partners and regulators, led by the Vice President, Federal Republic of Nigeria, His Excellency, Professor Yemi Osinbajo, to share insights and broaden the thinking needed for greater capital flows through innovative sources of financing for the capital market.
In his keynote address, the Vice President lauded the digitization efforts of NGX and urged the Exchange to continue to collaborate with all government agencies and regulators, including the Central Bank, the Securities and Exchanges Commission (SEC) and National Pension Commission (PENCOM) amongst others to ensure that the excessive risk premium of the capital market is reduced and foreign investors are strongly reassured of the safety of their funds.
“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” Osinbajo said.
Also speaking at the conference, Chairman, NGX, Abubakar Mahmoud, said Nigerian capital market has the capacity to drive economic development and wealth creation through innovation and digitalization. “As shown by the conclusion of diverse speakers and panelists, an elevated capital market can strongly contribute to the government’s developmental agenda especially around the improvement of the economy”, Mahmoud noted.
The inaugural NGX Capital Markets Conference is the first in the series of events lined up to transform the Nigerian capital market to sustainably leverage technology for infrastructural development and the economic growth of the country.