By Michael Eboh
The Nigerian StockÂ Exchange (NSE) has announced that its planned technology upgrade that is expected to be effected in 2011 would cost about N3.6 billion (16 million euros).
The Director-General of the NSE, Professor (Mrs.) Ndi Okereke-Onyiuke who made this disclosure in Lagos, Tuesday, at the press briefing on the forthcoming African Securities Exchanges Associationâ€™s (ASEA) 2009 conference, disclosed that the funding from the upgrade is expected to be sourced from within the exchange and its dealing members.
She said, â€œWe are looking forward to the upgrade of our technology and software within the next two years and this will costÂ between N3.6 billion to N4.5 billion (16 million euros to 20 million euros).
â€œThis is because of the fact that the present software is on the verge of becoming obsolete. In fact, the present software was supposed to be outdated last year, but we held talks with the manufacturers and we convinced them to upgrade the software for another two years.
â€œThe current version will become obsolete by 2011 and it is important that we get prepared so that we will not be seen to be backward in the comity of stock exchanges.â€
She noted that the forthcoming ASEA conference to be held in Abuja, from December 2nd to 4th, will provide a forum for cooperation among member exchanges, especially in the area of technology assistance and financial markets integration.
She disclosed that the conference will provide the opportunity for participants and operators to brainstorm on issues and take advantage of opportunities presented by networking to address challenges confronting the growth and development of the continents capital market community.
She said, â€œ ASEA provides a forum for mutual cooperation, exchange of information, and technological assistance among its members. The organisation promoted financial markets integration within the region, for the efficient mobilisation of capital and acceleration of economic development across Africa.
â€œThe conference would also provide a unique platform for all participants to discuss issues and opportunities, and exchange ideas and solutions with one another and with Nigeriaâ€™s regulators, including the Ministry of Finance, Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Debt Management Office (DMO), and other members of the Financial Services Regulation Coordination Committee (FSRCC).
â€œThe conference is designed to leverage on the effects of the global financial crisis on African capital markets and provides the opportunity for serious discussion about foreign investment, public private partnerships, technology-driven growth , liquidity, regional integration, product diversity and risk management among others.â€