Emily Smith
Fri, Sep 1, 2023 4:30 PM

NGX Partners with LCCI to Boost Nigeria's Capital Market

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NGX Partners with LCCI to Boost Nigeria's Capital Market
The Nigerian Exchange Limited (NGX) has announced a collaboration with the Lagos Chamber of Commerce and Industry (LCCI) to promote advocacy, encourage listings, and enhance capacity development in Nigeria's capital market. NGX's CEO, Temi Popoola, emphasized the potential of this partnership to promote the advantages of listing for non-listed corporates and increase retail investor participation through technology. This collaboration aims to build a thriving market and attract more investments to meet the country's financial objectives.

The Nigerian Exchange Limited (NGX) has forged a strategic collaboration with the Lagos Chamber of Commerce and Industry (LCCI) to advance advocacy efforts, encourage listings, and enhance capacity development in Nigeria's capital market. This valuable partnership, announced during the Closing Gong Ceremony marking the 135th Anniversary of LCCI, signifies a significant step toward strengthening the economy and improving investment opportunities.

During the ceremony, Temi Popoola, the CEO of NGX, highlighted the potential for NGX and LCCI to work together in promoting the benefits of listing for non-listed corporates. He stressed the importance of regulatory compliance, governance, and knowledge sharing, calling on LCCI to collaborate with NGX Regulation in these areas.

Popoola further emphasized NGX's commitment to leveraging technology to engage millions of Nigerians in the market, drawing inspiration from the banking industry's success in acquiring millions of customers through digitization and Fintech collaborations. NGX aims to facilitate retail investor participation by partnering with Fintechs, paving the way for increased accessibility and financial inclusion.

The collaboration between NGX and LCCI comes at a crucial time, as Nigeria seeks to enhance its capital market and attract more investments. Recent data revealed that out of the N360 trillion moved within the Nigerian economy in 2022, only N1 trillion found its way into the capital market—a concerning statistic that calls for concerted efforts to bridge the gap.

NGX's CEO, Temi Popoola, expressed the exchange's determination to work closely with the incoming administration to develop policies that encourage and attract listings in the capital market. By creating an enabling environment for businesses to access capital through the exchange, Nigeria can spur economic growth, create jobs, and unlock opportunities for both issuers and investors.

In line with its mission, NGX is fully committed to building a thriving market that provides a globally competitive platform for raising capital and fulfilling investors' financial objectives. The exchange continues to promote innovative solutions, drive regulatory compliance, and strengthen market infrastructure to ensure seamless operations and investor confidence.

This collaboration between NGX and LCCI aims to drive positive change in Nigeria's capital market and foster an environment conducive to economic growth and development. As the two entities join forces, the stage is set for increased listings, enhanced advocacy efforts, and bolstered capacity development, ultimately paving the way for a prosperous and resilient Nigerian economy.

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

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