LAGOS – The Nigerian Stock Exchange (NSE) has described the contributions of its 13 trading floors across the country to the overall trading value and volume as dismal.
Mr Oscar Onyema, NSE Chief Executive Officer, made the submission at a recent overview of the [pro_ad_display_adzone id=”8″]
market in 2014 and projections in 2015 in Lagos.
Onyema, who accepted that the objective of establishing the trading floors were not met, said the floors [pro_ad_display_adzone id=”10″]contributed only two per cent to the growth of the market.
He said that the two per cent was contributed by the Abuja trading floor.[pro_ad_display_adzone id=”10″]
The chief executive officer said that in spite of the poor performance of the floors, they might convert the inactive trading floors to financial literacy and issuers outreach centres.
“We have not seen a lot of attraction with trading and we have a strategy to deal with the issue. We are looking to certainly drive optimisation across all of our branches.
“And where there’s no trading, you may see not just taking the pains to continue to push for trading, [pro_ad_display_adzone id=”10″]maybe those occasions will be used for financial literacy activities,” Onyema said.
Onyema said that the exchange would pursue strategies aimed at actualising its 2019 target.
The chief executive officer said that the National Council in 2014 approved a revised 2019 NSE Corporate Strategic Plan detailing the Exchange’s new growth strategy for the next five years, 2015 to 2019
He said that the revised strategy would position the exchange as the market for entrepreneurial growth.
The focus of the market, he said, would be on ways to boost the number of listed equities and participants in the market.
He said that 200 investors’ education outreach programmes were conducted in 2014, empowering thousands of retail investors to make more informed investment decisions.
Onyema also said that the exchange hosted a road show to increase Asian foreign portfolio investments (FPI) into Nigeria, noting that Asia was the country’s largest trading partner.
“The NSE is unwavering in its commitment to solidify its leadership position as Africa’s foremost securities exchange, and is committed to initiatives that will position the bourse as an attractive listing and investment destination,” he said.
Onyema said that the exchange would continue to provide a viable platform to support the financing and sustainable development of the real economy in line with the Federal Government reforms.
“The exchange will focus on delivering several initiatives in support of its revised strategy to promote the Nigerian capital market as an African hub for growth companies,” Onyema. (NAN)