NGX targets onboarding of retail investors, to review listing rules to attract more investors
The Nigerian Exchange Group Plc (NGX) has said it is targeting onboarding more retail investors and it is reviewing listing rules to attract more investors into the Nigerian capital market.
The Group Managing Director and Chief Executive Officer of the NGX, Temi Popoola stated this whilst addressing leaders of exchanges from across the globe at the working group committee meeting of the World Federation of Exchanges hosted by Deutsche Boerse in Frankfurt, Germany.
Speaking on attracting retail investors to the market, the GMD/CEO said, “We recognise 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.
“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,” said Popoola.
“Recognising the importance of government advocacy historically, our strategy involves deeper intentionality to collaborate with the 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.”
The GMD/CEO also spoke on the investments in technology under which he stated that the Group is exploring deepening data revenue generation and engaging market infrastructure stakeholders from the CCPs to the CSDs in meaningful API conversations to strengthen agility further.
Listings and foreign capital inflows have become a challenge in similar emerging markets, and contributions from other CEOs of exchanges, including Kenya and Egypt, echoed the challenges faced by the Nigerian market.
