The Nigerian Stock Exchange (NSE) and the World Federation of Exchanges (WFE) are set to sign a Memorandum of Understanding today in a bid to deepen the capital market.
The Chief Executive Officer, NSE, Mr Oscar Onyema, revealed this while giving a speech at the 22nd annual conference of the African Securities Exchanges Association in Lagos on Monday.
He said the strategic relationships of ASEA resulted in grants worth approximately $1.2m from the Financial Sector Deepening Africa and the Korea-Africa Economic Cooperation fund via the African Development Bank.
He stated that the grants received to date were targeted at the African Exchanges Linkage Project, ASEA secondment program, information portal and annual conferences.
He described the programmes as critical levers to the success for ASEA, saying they aimed to continue to broaden and deepen the relationships in order to create increasing value for members and the African financial market.
Onyema noted that this was the main reason the MoU would be signed with the WFE.
He said, “I will like to thank the WFE and we look forward to working with the Federation on many initiatives.
“To ensure we deliver value for members and partners, we created a five year strategy running from 2019 – 2023, which will provide a structured approach to delivering on our initiatives.”
Onyema stated that the strategy was designed to position ASEA as the authoritative source of information on African exchanges.
He added that the theme of the two-day conference, ‘Champions on the rise: Africa’s ascension to a more sustainable future’ could not be more timely as Africa had been confirmed to be positioned for economic acceleration, akin to the Asian boom with several African businesses translating opportunities into enduring business value.
Onyema said ASEA aimed to do more to support African exchanges and businesses to integrate digital technology, especially data analytics into their business models.