The Group Managing Director, Nigerian Exchange Group (NGX) Plc Temi Popoola, has listed various plans by the exchange group to revamp its technology infrastructure, attract listings, enhance retail investors participation and foreign capital inflows.
Popoola disclosed this while addressing leaders of exchanges from across the globe at the working group committee meeting of the World Federation of Exchanges (WFE) hosted by Deutsche Boerse in Frankfurt Germany.
Speaking on attracting retail investors to the market, he said, “We recognize the stark contrast between the investors currently engaged in the capital market and the vast potential represented by the 65 million banking accounts in Nigeria. Our vision is to bridge this divide, onboarding millions into the capital market and fostering financial inclusion on an unprecedented scale.”
He said that listings and foreign capital inflows have become a challenge in similar emerging markets and contributions from other Chief Executive Officers of Exchanges including Kenya and Egypt echoed the challenges faced by the Nigerian market. The high interest rate environment in the United States contributes to the localization of capital in the country, hence starving other riskier markets of the needed capital.
Speaking further he said “After navigating a challenging eight years with the previous administration, we now find ourselves under a more pro-market leadership. This shift positions NGX for renewed growth and resilience in the evolving economic landscape.”.
“Recognizing the importance of government advocacy historically, our strategy involves deeper intentionality to collaboration with government in enhancing listing incentives. A prime example is the prioritization of listed companies in government procurement processes. Also, working with the regulator, we intend to review our listing rules aligning them with markets such as London to attract a more diverse array of businesses to the Exchange,” he added.
