Emily Smith
Mon, Sep 4, 2023 5:40 AM

NGX Expresses Eagerness to Collaborate with LCCI for Economic Development

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NGX Expresses Eagerness to Collaborate with LCCI for Economic Development
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 and strategic partnerships to boost retail investor participation and create a thriving financial market.

The Nigerian Exchange Limited (NGX) and the Lagos Chamber of Commerce and Industry (LCCI) are set to embark on a collaborative journey to further enhance the Nigerian capital market. During the 135th year Anniversary of LCCI, NGX's Chief Executive Officer, Temi Popoola, expressed the willingness to collaborate with LCCI in various areas to promote economic growth and development.

Popoola stressed the potential for NGX and LCCI to work hand in hand in promoting the advantages of listing for non-listed corporates. This collaboration will encourage non-listed companies to consider going public, ultimately boosting market liquidity and providing opportunities for investors.

A major aspect of the partnership will involve working with NGX Regulation to ensure regulatory compliance and governance. LCCI will also benefit from knowledge sharing initiatives, strengthening its understanding of the capital market and its importance in enabling economic growth.

Recognizing the power of retail participation in driving market growth, Popoola highlighted NGX's plan to leverage technology to engage millions of Nigerians. Drawing on the success of the banking industry's digitization and Fintech collaborations, NGX aims to partner with Fintechs to increase retail investor participation in the capital market.

NGX's commitment is centered on building a thriving market while providing innovative solutions. The institution's strategic partnerships with key stakeholders like the LCCI align with this vision and pave the way for sustainable economic development.

The President of LCCI, Michael Olawale-Cole, expressed enthusiasm about the collaboration, underlining the need for a vibrant partnership to drive the sustainable development of the Nigerian capital market. Olawale-Cole highlighted plans to sign a Memorandum of Understanding (MoU) and develop action plans and timelines for the partnership's success.

This collaboration between NGX and LCCI signifies a collective effort to strengthen the Nigerian capital market and boost investor confidence. By creating an enabling environment through advocacy, capacity development, and regulatory compliance, both entities are poised to contribute to the sustainable growth and development of the Nigerian economy.

The partnership also signifies the importance of leveraging technology and Fintech collaborations to reach a broader retail investor base. Embracing digital solutions and financial technology will unlock opportunities for individuals, increase financial inclusion, and deepen market liquidity.

In conclusion, NGX and LCCI's collaboration represents a significant stride towards enhancing the Nigerian capital market. With a shared commitment to sustainable economic development, the partnership aims to promote listings, advocate for investor-friendly policies, and create an environment that fosters growth and innovation in the financial market.

Source of content: OOO News 2023-09-04 News

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