• Wednesday, April 24, 2024
businessday logo


NGX CEO says to strengthen partnerships, digital transformation, sustainability

NGX says collaborating with intermediaries to enhance affordability of investing, issuances

Temi Popoola, Chief Executive Officer, Nigerian Exchange Limited (NGX) has said the Exchange will take a flexible approach to its strategy execution in 2023, doubling down on levers such as partnerships, digital transformation, sustainability among others.

NGX held the 2022 Market Recap and 2023 Outlook event on Wednesday January 25, 2023 virtually as the capital market community and broader economic participants sought to review the economy and gain insights for the year 2023.

While speaking on achievements in 2022, the CEO highlighted that the Exchange recorded noteworthy successes in technology, partnerships, sustainability and listings.

“As you know, the NGX Technology Board Listing Rules were approved by the apex regulator, the Securities and Exchange Commission (SEC) in December 2022. With this, we aim to drive more technology companies to the Exchange and deepen capital formation in the technology sector. Currently we are in consultations with stakeholders in the sector and we are confident of securing a few big names within the year,” he said.

Mentioning exploits in strategic partnerships and delving into the Exchange’s approach in the new year, Popoola stated, “On strategic partnerships, we will be forging more with development finance institutions, banks, both local and international to further develop the market. We aim to do more on trading where we improve data dissemination to attract a larger investor base, especially from the retail side. We will be using listings as a vehicle for meeting strategic aspirations as the new dispensation comes in through increased advocacy and engagements.”

Popoola emphasised that NGX would continue to approach sustainability as a strategic frontier that promises profitability for its business. “Work is ongoing on developing a framework for certifications in carbon credits trading, pending regulatory approval.”

Read also: NGX eyes more listings to meet 2023 strategic goals

According to the CEO, the African project remains key on its agenda. He said, “Unlocking the African Capital markets via payment integration with Afreximbank’s Pan African Payment Settlement System is high on our capital market’s digital transformation agenda. We are also working on USSD launch in collaboration with Telcos and Banks.”

The Exchange also sets its sight on the development of new products aimed at attracting the lower rung of the Nigerian demography, says Popoola. “NGX is also focused on increasing youth participation with the creation of digital asset products powered by Blockchain technology, non-depository receipts and overall increasing the pool of available liquidity in the market. Altogether, 2023 is likely to be a new dawn for the market and the Nigerian economy as significant events take shape in the macroeconomic and political environments.”