The Nigerian Stock Exchange successfully navigated a host of bottlenecks in the past few years to become the third-best performing stock market globally in 2017.
Mr. Oscar Onyema yesterday said the Nigerian stock market recovered from the macroeconomic headwinds which led to a massive exodus of portfolio investors from the Nigerian capital market. However, since the turn of the year, the bourse has recorded an unprecedented growth of 42.3 percent, making it one of the top performing capital markets of 2017.
He attributed the growth recorded by the market to Central Bank of Nigeria (CBN)’s monetary policies that resulted in increased liquidity in the foreign exchange market.
Speaking during the NSE 2017 Market Recap & Outlook for 2018 in Lagos, Onyema said that the equity market activity rose by 121 percent from N576billion in 2016 to N1.271trillion.
The NSE boss also noted that NSE made steady progress on its strategic focus areas set out at the beginning of 2017.
“Demutualisation remained a key strategic focus in the year under review. Through targeted engagement efforts with our members, Securities and Exchange Commission (SEC), the National Assembly (NASS), NSE members including Association of Stockbroking Houses of Nigeria (ASHON), Corporate Affairs Commission (CAC) and other key stakeholders, we achieved the broad-based support required to secure approval for demutualisation from the exchange’s members and successfully progressed the Demutualisation Bill through the first and second reading and public hearing stages of the lawmaking process,” he said.
Onyema stated that NSE re-assessed its strategic agenda and has come up with a new corporate strategy for the 2018 – 2021 period that will “satisfying our customers, boosting our domestic retail segment, and enhancing our organization for a demutualized structure.”
Speaking on the outlook for 2018, Onyema remained bullish, noting that outlook for the Nigerian capital market is encouraging.
“Indeed, to some extent, political activities and currency movements will have some effect on the market, but we expect that such impacts will be short-lived and the performance of the underlying business activities will ultimately determine market performance,” he said.
Onyema explained that the NSE is on track to become a more agile and flexible demutualized securities exchange