Osinbajo applauds digitisation of NGX, calls for collaboration among stakeholders


By Matthew Denis, Abuja

The Vice President, Prof Yemi Osinbajo has extolled the digitization of the Nigerian Exchange Limited (NGX) to capital markets activities in the country.

Osinbajo made the disclosure at the the maiden edition of the capital markets conference held at Transcrop Hilton Abuja on Tuesday.

While delivering his address as Keynote speeaker, Osinbajo applauded the digitisation efforts of NGX and urged the Exchange to continue to collaborate with all government agencies and regulators, such as the Central Bank, the Securities and Exchanges Commission (SEC) and National Pension Comission (PENCOM) amongst others to ensure that the excessive risk premium of the capital market are abated and foreign investors are strongly reasurred of foreign investment mechanisms and other regulations that would help them channel their resources in and take them out with the least possible constratints.

“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 Nigerans,” Osinbajo said.

He called on increased collaboration among key players in the nation’s economy towards driving productive investments that would accelerate an elevated and digitized capital market.

Speaking on the theme ‘The Future Ready Capital Markets; Innovating for Nigeria’s Sustainable Recovery,’  he said “the inaugural NGX Capital Markets Conference brought together leading policymakers, financial experts, business leaders, investors, international development partners and regulators to fine-tune new trends for greater capital flows through innovative sources of financing for the capital market.

The Chief Executive Officer, NGX, Mr. Temi Popoola expressed his excitement about the deliberations, outcomes and agreed way forward by key speakers and panelists.

He said,  “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,” Temi assured.

Also speaking at the conference,  Chairman, NGX, Mr. Abubakar Balarabe Mahmoud, SAN, 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 concluded.

The inaugural NGX Capital Markets Conference is the first in the series of events to catalyse the capital market of the future, that sustainably leverages technology to champion the infrastructural development and the economic growth of the country.