Osinbajo: Digital innovations at NGX will attract tech unicorns to the capital market

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Vice President Yemi Osinbajo said digital innovations from Nigerian Exchange Limited (NGX) would attract tech unicorns to embrace the capital market as a viable source of capital raising.

Flutterwave, Jumia, and Andela are among Nigeria’s tech unicorns.

Osinbajo said this Tuesday at the inaugural NGX Hybrid Capital Market Conference on “The Capital Market Fit for the Future: Innovating for Nigeria’s Sustainable Recovery”, held in Abuja.

He praised the NGX for focusing on digital transformation through the inclusion of young people, bringing in a new generation of investors who only used their smartphones.

“Every investor, at least all smart investors, must now seek to be a part of the Nigerian unicorn miracle – the roughly 7 indigenous Nigerian companies that have grown into billion dollar companies since 2015 in the midst of two recessions,” he said. said.

“Many times we can replace our fifty to sixty investors several times now with a new population of much younger people.”

Osinbajo, who praised the NGX for its achievements, said that amid the challenges, a new era in the capital market was born.

“Today, the huge outlets created by telecom companies with over 100 million subscribers and wide reach from banks, especially with the many financial inclusions that have been made in recent years,” said he added.

“We have probably positioned the best time to digitize the capital market to attract millions of young retail investors.

“I think it’s notable that you are already leveraging your existing digital platforms to enable access to data and improve investor decisions.”

Speaking further, Osinbajo said there is still room for the NGX to advance the exchange for international competitiveness.

Temi Popoola, chief executive officer, said the NGX used technology for its operations and had not made any physical transactions for almost two years.

Popoola said the exchange encourages retail investors so that the market can accommodate a wide range of investors and not just a few.

He described the exchange as a place to create wealth for a wider population, “and to do that, we will take advantage of emerging trends.”

Abdul Rabiu, President of BUA Cement, said the conference was timely as it would provide discussions on ways to close the infrastructure gaps in Nigeria and strengthen the economy, using the capital market as a real vehicle.

For his part, Ibikunle Amosun, chairman of the Senate Committee on the Capital Market, said that a country with a booming capital market would be economically productive, socially responsible and politically stable.

Amosun urged stakeholders to be vigilant in making the capital market an investment center, thereby ensuring economic development and growth.

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