NGX Group plans to woo youths via technology

NGX Group plans to woo youths via technology

The Nigerian Exchange Group Plc has said it plans to integrate technology to penetrate the teeming young population of Nigeria and Africa amid a low rate of participation from the demography.

The Group Chief Executive Officer, Mr Oscar Onyema, said this at the ‘Facts Behind the Listing’ presentation on the platform of its subsidiary, the Nigerian Exchange Limited.

Onyema hinted that the non-operating holding parent could list on the platform on October 13, depending on a decision by its board this week.

The PUNCH had recently reported that sub-Saharan Africa’s peer-to-peer bitcoin trading surpassed that of North America, with Nigeria representing the largest of the group with a total trading volume of $1.5bn from 1.5 million users as of April 2021.

A senior executive of the NGX speaking on condition of anonymity told our correspondent that the active traders – both institutional and retail – numbered just above 50,000 with an average age of 50 years.

Under its new structure, the group consists of the NGX Exchange, the NGX Real Estate Company, and the NGX Regulation, an independent firm that would provide regulatory services to the exchange.

During his presentation, Onyema underpinned the importance of the listing and the potential effects it could have on the company.

“If you look at the market dynamics in terms of stock market capitalisation as a percentage of Gross Domestic Product, Nigeria is at 9.8 per cent, Egypt at 14.5 per cent, Morocco at 54.7 per cent. This indicates significant growth potential,” he said.

Onyema also said that 50 per cent of financially included Nigerians were under the age of 30, adding that with active mobile connections of 189 million and internet penetration of 50 per cent, expanding into the broader continent would elevate the group to Africa’s preferred exchange hub.

“Listing on the exchange post-demutualisation would expand our potential pool of capital across domestic and international investors to finance strategic objectives. It would help us focus on value creation, profitability and sustainability as stakeholders objectives are now aligned,” he addd.

Copyright PUNCH.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *