Nigerian Exchange Limited (NGX) has said that it is collaborating with the Lagos Chamber of Commerce and Industry (LCCI) in advancing advocacy efforts, encouraging listings, and enhancing capacity development for the broader economy.
The Chief Executive Officer, NGX, Temi Popoola, disclosed this during the Closing Gong Ceremony marking the 135th Anniversary of LCCI on August 31, 2023.
Popoola emphasized the potential for NGX and LCCI to work together in promoting the advantages of listing for non-listed corporates, while also calling on LCCI to work with NGX Regulation on regulatory compliance, governance, and knowledge sharing.
Need to leverage technology
Regarding retail participation, Popoola stressed NGX’s plan to leverage technology to engage millions of Nigerians in the market.
He drew parallels with the banking industry’s success in acquiring millions of customers through digitization and Fintech collaborations, indicating NGX’s readiness to partner with Fintechs to increase retail investor participation.
He further noted that NGX remains committed to building a thriving market and promoting innovative solutions that provide a globally competitive platform for issuers to raise capital, and investors to meet their financial objectives.
- “This commitment drives the Exchange to continuously seek strategic partnerships with key stakeholders,” he said. The President, of LCCI, Michael Olawale-Cole, expressed enthusiasm about collaborating closely with NGX.
- “We will work on signing an MoU; including developing action plans and timelines for a more vibrant partnership for the sustainable development of the Nigerian capital market”. He commended NGX for its achievements and reiterated LCCI’s commitment to working together to enhance the exchange’s operations,” he said.
What you should know
The Nigerian Exchange Limited (NGX) recently said that with a total of N360 trillion moved within the Nigerian economy in 2022, only N1 trillion made it into the capital market.
The Chief Executive Officer, Temi Popoola made this known at a Closing Gong Ceremony held in honour of the CEO of StoneX Group for Europe, the Middle East, and Africa (EMEA), Philip Smith in Lagos.
Popoola said the NGX intends to partner with the incoming administration to develop the right policies that will promote and attract listings in the capital market.
- “Despite a total of N360 trillion moved within the Nigerian economy in 2022, only N1 trillion made its way into the capital market,” he said.
Whilst stating that the market can thrive with an enabling policy from the government, Popoola said the exchange is looking to collaborate with the new administration to develop the right policies that will promote listings in the market.
- “The age-old question for the capital market has always been how to get more corporates to list on the Exchange. Federal Government policies have influenced listings in the market. For instance, in the ’70s, as a result of the indigenization policy introduced by the then administration, listings grew from 6 to 81.
- We are looking to collaborate with the new administration to develop the right policies that promote listings in our market with the support of stakeholders like the Chartered Institute of Stockbrokers (CIS), Association of Securities Dealing Houses of Nigeria (ASHON), Association of Issuing Houses of Nigeria (AIHN) and other.”
What was the impact of past collaborations?