Michelle Johnson
Fri, Sep 1, 2023 4:50 PM

NGX Expresses Eagerness to Collaborate with LCCI in Advancing Advocacy Efforts

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NGX Expresses Eagerness to Collaborate with LCCI in Advancing Advocacy Efforts
The Nigerian Exchange Limited (NGX) has expressed its eagerness to collaborate with the Lagos Chamber of Commerce and Industry (LCCI) in advancing advocacy efforts, encouraging listings, and enhancing capacity development. NGX aims to leverage technology to increase retail investor participation and build a globally competitive platform for issuers and investors.

Nigerian Exchange Limited (NGX) has announced its intention to collaborate with the Lagos Chamber of Commerce and Industry (LCCI) in various areas to promote the growth and development of the Nigerian capital market. The Chief Executive Officer of NGX, Temi Popoola, disclosed this during the Closing Gong Ceremony marking the 135th year Anniversary of LCCI on August 31, 2023.

As part of the collaboration, NGX aims to advance advocacy efforts, encourage listings on the exchange, and enhance capacity development for both LCCI members and the broader economy. Popoola emphasized the potential for NGX and LCCI to work together in promoting the advantages of listing for non-listed corporates, highlighting the need for LCCI to partner with NGX Regulation on regulatory compliance, governance, and knowledge sharing.

In line with their commitment to attracting retail investors, NGX plans to leverage technology to engage millions of Nigerians in the stock market. Popoola drew parallels with the success of the banking industry in acquiring millions of customers through digitization and Fintech collaborations. NGX is ready to partner with Fintech companies to increase retail investor participation and provide them with easier access to the capital market.

"This commitment drives the Exchange to continuously seek strategic partnerships with key stakeholders," Popoola stated, emphasizing NGX's dedication to building a thriving market and promoting innovative solutions.

Michael Olawale-Cole, President of LCCI, expressed enthusiasm about the collaboration with NGX and commended the exchange for its achievements. Olawale-Cole reiterated LCCI's commitment to working closely with NGX to enhance the exchange’s operations. He announced plans to sign a Memorandum of Understanding (MoU) and develop action plans and timelines for a more vibrant partnership for the sustainable development of the Nigerian capital market.

The collaboration between NGX and LCCI is expected to create opportunities for businesses, boost economic growth, and attract more issuers and investors to the Nigerian capital market. By leveraging technology and strategic partnerships, NGX aims to create a globally competitive platform that meets the financial objectives of all stakeholders.

This collaboration comes at a crucial time when Nigeria's capital market is undergoing significant reforms aimed at deepening market participation, improving investor confidence, and driving economic growth. With NGX and LCCI joining forces, the Nigerian capital market is poised to reach new heights.

Source of content: OOO News 2023-09-01 News

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