The Chief Executive Officer of the Nigerian Exchange Limited (NGX), Temi Popoola, emphasized the transformative impact of technology on the development of capital markets not just in Nigeria but across the African continent.
Speaking at the West Africa Capital Market conference on October 25, 2023, held at the prestigious Eko Hotel in Lagos, Popoola highlighted the pivotal role of technology as a catalyst for innovation within the capital market.
At the conference, which featured a panel discussion centered on “Digital Transformation and Infrastructure Development: Leveraging Technology Growth in ECOWAS Region,” Popoola underscored the significance of technology as a fundamental building block for modernizing the capital market ecosystem.
He said, “In December 2021, we had a landmark transaction through technology. It was a secondary share sale in our capital market. It was the first time in the history of our market where on a mobile phone end to end, shares could be bought by retail investors.
“Two weeks ago, with Second Stax- a Ghana based company, we facilitated the first ever transaction across borders in a Nigeria – Ghana bilateral trade.” The NGX CEO said that these examples of technological innovation in the Nigerian bourse demonstrate how critical digital innovation can facilitate capital market growth.
Earlier, the Chief Digital Officer, NGX, Olufemi Oyenuga made a presentation on how the NGX has been utilizing digitalization to drive the operations of the exchange.
