NSE moves to strengthen ties with other stock exchanges
By NKIRUKA NNOROM
The Nigerian Stock Exchange, NSE, has revealed strategic plans to strengthen its relationship with other stock exchanges and various global organisations with a view to improving its competitiveness.
The Chief Executive Officer of the Nigerian Stock Exchange, Mr. Oscar Onyema, who made the declaration while reviewing the market performance in 2012, said it was important in order to align the NSE with international best practice, as well as source for probable technical know-how from more developed markets.
According to him, the move would transform the NSE and position it to facilitate the emergence of the next group of ‘African Champions.’
He said, “In 2013, we will work towards achieving our goal of transforming the Nigerian Capital Market and helping to create cooperation that will boost African champion of tomorrow.”
“As global client demands shift, we intend to be well-positioned to adapt our business to meet the needs of our clients. With dependability, scale, scope and cost-efficiency being priority areas for exchanges around the world, achieving competitiveness will be at the forefront of the Exchange’s agenda in 2013,” he added.
Making projections for the new year, Onyema said that advocating for policy changes and pursuing regulatory soundness that would positively impact the market would be part of the NSE’ key priorities in 2013.
His word, “While the NSE’s focus has been on cleansing, transforming and making the market more accessible, in 2013, we will continue on innovations centered on technology and product development, as well as advocating changes to policies.
By the end of 2013, we will have established technology competitiveness with regulatory soundness and advocated policy changes that are necessary to making Nigerian capital market absorb the forces of changes currently reshaping the global financial markets and global exchanges landscape.”
Onyema noted that the NSE’ key growth initiative for 2013 centered on its five pillars, its transformation program, as well as to positioning itself as a strong alternative for facilitating mid- to long-term financing needs in the country.
The initiatives would be targeted on business development efforts, strong regulatory environment, 21st Century technologies strategies, growth-enabling market structure, first-rate investor protection programe and market development and improved operational efficiency.
He, however, said that the Nigerian capital market would continue to face challenges around liquidity and depth in the New Year, noting that concerted efforts to address the situation were underway.
Although existing challenges such as the security situation in the country are not expected to disappear, the on-going government initiatives to increase power generation, financial inclusion, and transformation of the Agriculture sector are expected to be carried over into the 2013, he said.