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By Chinwendu Obienyi
The Nigerian Exchange Limited (NGX) has said it intends to partner with the incoming administration to develop the right policies that will promote and attract listings in the capital market.
This was even as it revealed that despite a total of N360 trillion moved within the Nigerian economy in 2022, only N1 trillion made its way into the capital market.
Its Chief Executive Officer, Temi Popoola made this known at a Closing Gong Ceremony held in honour of the CEO of StoneX Group for Europe, the Middle East and Africa (EMEA), Philip Smith in Lagos recently.
Whilst stating that the market can thrive with an enabling policy from the government, Popoola said the exchange is looking to collaborate with the new administration to develop the right policies that will promote listings in the market.
He said, “The age-old question for the capital market has always been how to get more corporates to list on the Exchange. Federal Government policies have influenced listings in the market. For instance, in the ’70s, as a result of the indigenization policy introduced by the then administration, listings grew from 6 to 81.
We are looking to collaborate with the new administration to develop the right policies that promote listings in our market with the support of stakeholders like the Chartered Institute of Stockbrokers (CIS), Association of Securities Dealing Houses of Nigeria (ASHON), Association of Issuing Houses of Nigeria (AIHN) and other.”
Highlighting the importance of retail participation in the Nigerian capital market, Popoola noted that with a total of N360 trillion moved within the Nigerian economy in 2022, only N1 trillion made it into the capital market.
According to the NGX CEO, the Exchange is keen on growing Nigeria’s retail participation and boosting investors’ confidence in our market. He thereafter said the Exchange will continue to seek ways of supporting the new administration.
Also speaking, Chief Executive Officer, StoneX Group for Europe, the Middle East and Africa (EMEA), Philip Smith noted that there is a need for the government to be conscious of the market by putting up structures that attract listings on the exchange.
