By NKIRUKA NNOROM
The Chief Executive Officer of the Nigerian Stock Exchange, NSE, Mr. Oscar Onyema, has called for collaborative effort towards integration of stock exchanges within the West African sub-region, saying that it will engender significant growth in the markets.
Onyema, who spoke at the second meeting of the West African Capital Markets Integration Council, WACMIC, said that achieving the integration will empower the member states to remain relevant in attracting investment flows, while creating a much larger market for local and international businesses.
In his words, “The value proposition for integration is obvious: our region is one with a strategic geographical footprint within Africa, and a large and diverse population of over 290 million, which translates into a consumer base with significant domestic savings and investing potential.
“Achieving integration will enable momentous growth in our markets, which will empower us to remain relevant in attracting investment flows, while creating a much larger market for local and international businesses.
“Additionally, integration will enable the movement of capital within the region, creating flexibility for issuers looking to raise capital and investors looking to invest across member states.
“Furthermore, integration would speed up the development of our various domestic financial systems, promoting increased competition and innovation, as well as offering opportunities for risk diversification.”
He used the opportunity to commend the various securities exchanges, CSDs and regulators for the roles in getting West African stock exchanges closer to the dream of achieving an integrated market, saying, “please allow me to recall the Technical Committee meeting held in May in Abidjan.