Osibanjo, Lawan, others canvass for digitisation of NGX

Vice President, Prof Yemi Osibanjo and a host of other eminent personalities, including the former Central Bank of Nigeria CBN Governor, Mr Sanusi Lamido Sanusi, Senate President Ahmed Lawan, Speaker, House of Representatives, Femi Gbajabiamila have canvassed for digitisation of Nigerian Exchange Limited (NGX).

They made the call in Abuja at the maiden edition of the NGX capital markets conference themed: “The Future Ready Capital Markets; Innovating for Nigeria’s Sustainable Recovery” and also canvassed for increased collaboration among key players in the nation’s economy, towards driving productive investments that would accelerate an elevated and digitized capital market.

The event had in attendance leading policymakers, financial experts, business leaders, investors, international development partners and regulators, led by VP Osinbajo.

It also provided a platform for participants to share insights and broaden the thinking needed for greater capital flows through innovative sources of financing for the capital market.

In his address, the Vice President, Osinbajo stated that, “every smart investor must be looking now at how to be a part of the miracle of the Nigerian Unicorns, the about five or six indigenous Nigerian companies (driven by young Nigerians) that became billion-dollar enterprises since 2015 in the midst of two recessions.”

Osinbajo harped on the digital transformation of the markets, describing  the many opportunities this move would provide for the capital markets, which includes bringing in more young investors.

He called for the adoption of technology to bring in a new crop of young investors, many of who use their smartphones primarily for engaging with commerce and banking activities today.

He also commended the journey to the digital transformation of the market, following the highly successful example of the banks and, of course, the telcos.

Osinbajo stressed that “today, the huge retail outlets already created by the telcos with well over a hundred million subscribers, the wide reach of banks, especially with the numerous financial inclusion initiatives, make this probably the most auspicious moment for digitizing the capital market to bring in the millions of new young retail investors.”

The VP urged the NGX to see itself as a critical player in the AfCFTA negotiations, insisting that “we are at a point where we are looking at negotiating Service Rules, we have looked at Rules of Origin already, so this is the time to come into play to get the best deals possible from all our partners all across Africa.”

Osinbajo declared  that the Government-backed N15 trillion Infrastructure Fund being set up in partnership with the private sector will further help to bridge infrastructure gaps.

He revealed that despite a significant withdrawal of foreign investors and domestic institutional participation in 2021, the NGX in 2020 was the highest performing exchange with a return of 50% on the All-Share Index, when compared with 98 other exchanges tracked globally by Bloomberg.

Mr. Temi Popoola, the Chief Executive Officer, NGX, applauded the deliberations, outcomes and agreed way forward by key speakers and panelists.

Popoola, said, “As a major propeller of the economy, we are proud to be at the forefront of this milestone which is a 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 as well as the economic growth of the country.”

The inaugural capital market conference had in attendance policy makers and business leaders across the public and private sectors in the country.

Dignitaries who were present at the event include Chairman, BUA Group, Alhaji Abdul Samad Rabiu, Chairman of the Conference; Senate President, Federal Republic of Nigeria, Senator, Ahmad Ibrahim Lawan, represented by the Senator Ibikunle Amosun, Chairman, Senate Committee on Capital Market; Dr. Kayode Fayemi, Executive Governor, Ekiti State and Chairman Nigeria’s Governors Forum; Mr. Godwin Obaseki, Executive Governor, Edo State; Malam Nasir El-Rufai, Executive Governor, Kaduna State; Group Chairman, Nigerian Exchange Group Plc, Mr Abimbola Ogunbanjo; Chairman, NGX, Mr. Abubakar Balarabe Mahmoud, Mr. Aigboje Aig-Imoukhuede, Chairman, Coronation Capital; Mr. Oscar N. Onyema, Group Managing Director/Chief Executive Officer, NGX Group Plc;  Mrs. Cathrine Echeozo, Director, Guaranty Trust Holding Company (GTCO); and the Honourable Minister of Finance, Budget, and National Planning, (Dr) Zainab Ahmed,  among others.