By Chinwendu Obienyi
The Nigerian Exchange Limited (NGX) is actively exploring applications of artificial intelligence and big data to reposition the capital market as driver of sustainable economic growth.
The Exchange disclosed this at its technology webinar titled, ‘Repositioning Analytics and AI for Capital Market Growth in Nigeria’ which held on Friday where stakeholders across the technology sector and financial markets aired views on how to foster growth with the use of Artificial Intelligence (AI) and analytics tools.
Chief Digital Officer, NGX, Dr Olufemi Oyenuga, in an address said the exchange was exploring the applications of Artificial Intelligence and Big Data landscape to reposition the capital market as driver of sustainable economic growth for Nigeria.
He also stated that NGX sees technology not just as a tool, but as a catalyst for progress in Nigeria’s capital market.
Also speaking, the Divisional Head, Business Support Services and General Counsel, NGX, Dr. Irene Robinson-Ayanwale, added, “At NGX, our unwavering commitment to investing in state-of-the-art technology is driving us forward. We are catalysing Big Data and AI revolution, adapting to the fast-changing landscape and ensuring that technology is not just a tool but a catalyst for progress.”
Highlighting the significance of tracking a company’s performance on the capital market using analytics, the Chief Executive Officer of Intelligent Interactive Limited, Temilouwa Sobowale, in a presentation, emphasised the importance of tracking a company’s performance on the capital market to identify the drivers, thus equipping the firm to be able to replicate a winning formula.
Also, speaking at the event, Bejide, pointed out that there was a generation of Nigerian youth who see betting as a form of investment compared to a few years back and who are deterred from entering the capital market due to its elitist disposition and tedious onboarding process.
He said, “We need to get Ada and Adamu on the street into the capital market. There are about 50 million of them. This is one of the biggest ways to boost the market.
“I feel that the information coming out of the capital market is bulky, elitist and we have to transition to something granular. Using a combination of AI and other platforms, we can simplify and ensure the on-boarding process is easier.”