The Chief Executive Office, Nigerian Exchange Limited, Temi Popoola, has stated that the use of technology can boost the growth of capital markets in Nigeria as well as the West African sub-region.
Popoola said this at the ongoing West Africa Capital Market Conference held in Lagos while speaking on a panel themed ‘Digital Transformation and Infrastructure Development: Leveraging Technology Growth in ECOWAS Region.’
He said that technology has laid a foundation for the development of capital markets not only in Nigeria but in Africa.
“In December 2021, we had a landmark transaction through technology. It was a secondary share sale in our capital market. It was the first time in the history of our market where on a mobile phone end to end, shares could be bought by retail investors.
“Two weeks ago, with Second Stax- a Ghana-based company, we facilitated the first ever transaction across borders in a Nigeria – Ghana bilateral trade.” The NGX CEO said that these examples of technological innovation on the local bourse demonstrated how critical digital innovation can facilitate capital market growth.
Earlier, the Chief Digital Officer, NGX, Olufemi Oyenuga, made a presentation on how the NGX has been utilizing digitalisation to drive the operations of the exchange.
The WACMaC which opened on Wednesday was a gathering of capital market stakeholders in the West African sub-region. The conference provides a platform for stakeholders to address crucial issues related to the orderly growth and development of regional and continental capital markets.
In his welcome address, the Director General of the Securities and Exchange Commission, Lamido Yuguda, said that Nigeria is hosting the conference at an opportune time.
He said, “Nigeria with its vibrant capital market and a market capitalization of USD 98. 28 billion, is proud to host the 3rd WACMAC. This conference takes place at a time when Nigeria’s President, His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR, serves as the Chairman of ECOWAS, underscoring Nigeria’s pivotal role in the region. We are confident that this event, themed ‘Infrastructure Deficit and Sustainable Financing in an Integrated West Africa Capital Market,’ will foster integration, encourage capital formation, promote tourism, and attract investors.”