In a strategic move to fortify its position in the global marketplace, the Group Managing Director and Chief Executive Officer of Nigerian Exchange Group Plc, Mr. Temi Popoola, has announced the Exchange’s ongoing collaboration with regulators to review and align its listing rules with global standards, particularly those observed in major financial hubs like London. This initiative aims to attract a more diverse range of businesses to the Nigerian Exchange.
Mr. Popoola disclosed this pivotal development during his address at the working group committee meeting of the World Federation of Exchanges, held in Frankfurt, Germany, and hosted by Deutsche Boerse. He emphasized the Exchange’s commitment to adopting best practices and fostering an environment that appeals to a broad spectrum of businesses globally.
In a press statement obtained by Nairametrics, Mr. Popoola highlighted the Exchange’s broader strategy, which includes a deliberate effort to collaborate with the government in enhancing listing incentives. One notable example he cited is the prioritization of listed companies in government procurement processes, demonstrating a proactive approach to further stimulate market participation.
The Group Managing Director also shed light on the Exchange’s technological advancements, emphasizing a focus on deepening data revenue generation and engaging with market infrastructure stakeholders. The Exchange is actively involved in meaningful API conversations with entities ranging from Central Counterparties (CCPs) to Central Securities Depositories (CSDs) to bolster its technological agility.
Among the various plans outlined by the exchange group, Mr. Popoola emphasized the commitment to revamping technology infrastructure, attracting new listings, and fostering increased participation from retail investors and foreign capital inflows.
Addressing the challenge of attracting listings and foreign capital, Mr. Popoola acknowledged common hurdles faced by emerging markets. CEOs from exchanges in Kenya and Egypt echoed similar sentiments, citing high-interest rates in the United States as a limiting factor for capital flow to riskier markets. Mr. Popoola highlighted the impact of the high-interest rate environment in the United States, which tends to localize capital within the country, leaving other riskier markets in need of essential capital.
In concluding his remarks, Mr. Popoola expressed optimism, stating, “After navigating a challenging eight years with the previous administration, we now find ourselves under a more pro-market leadership. This shift positions NGX for renewed growth and resilience in the evolving economic landscape.” The Nigerian Exchange Group is poised for continued success as it navigates the complexities of the global financial landscape.
By Delino Gayweh
Serrari Financial Analyst
January 28, 2023
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