Osinbajo lauds NGX’s digitization efforts

.Calls for collaboration among govt agencies

COMFORT EKELEME, BUSINESS EDITOR

Vice President, Professor Yemi Osinbajo, has lauded the digitization efforts of Nigeria Exchange Limited (NGX), and called for continued collaboration with all government agencies and regulators, such as the Central Bank (CBN), the Securities and Exchanges Commission (SEC), and National Pension Commission (PENCOM).

He said this collaboration will help ensure that the excessive risk premium of the capital market is abated and foreign investors are strongly reassured of foreign investment mechanisms and other regulations that would help them channel their resources in and take them out with the least possible constraints.

While delivering his keynote address at the maiden edition of the NGX capital markets conference, Osinbanjo said, “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 Nigerian’s,” Osinbajo said.

Also speaking at the conference, Chairman, NGX, Mr. Abubakar Balarabe Mahmoud, said the Nigerian capital market has the capacity to drive economic development and wealth creation through innovation and digitalization.

He said, “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.

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.

NGX has, at the maiden edition of the capital markets conference, called for increased collaboration among key players in the nation’s economy towards driving productive investments that would accelerate an elevated and digitized capital market.

Themed, “The Future Ready Capital Markets; Innovating for Nigeria’s Sustainable Recovery” the inaugural NGX Capital Markets Conference, which held Abuja brought together leading policymakers, financial experts, business leaders, investors, international development partners, and regulators, led by the Vice President, Federal Republic of Nigeria, His Excellency, Professor Yemi Osinbajo, SAN, to share insights and broaden the thinking needed for greater capital flows through innovative sources of financing for the capital market.

Speaking after the conference, 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 to open NGX is to leveraging relationships and partnerships to advance its digital transformation agenda,” he said.

“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,” he said.