The Nigeria Stock Exchange (NGX) has called for collaboration with its Indian counterpart saying such synergy will guarantee the survival of capital markets in the global economy.
Chairman of NGX, Alhaji Umar Kwairanga, stated this in India during a Board of Directors Interaction visit between the two countries’ stock exchanges.
According to him, the world is fast evolving and becoming borderless and highly competitive.
To this end “we think that engagements and collaborations will determine the survival and growth of exchanges such as ours”, he submitted.
The NGX chairman who said there are many areas for cooperation between the Indian Stock Exchange (NSE) and the NGX, noted that both countries stands to benefit going forward with such collaboration.
“There are many similarities between India and Nigeria. Nigeria has a diverse and hardworking population that is the largest in Africa and it’s economy is driven by small and medium scale enterprises.
“It is a contrasting picture for our exchanges as the Nigerian Exchange is older than yours but it is smaller in terms of the number of listed companies and market capitalization.
“So we are here to congratulate you on your success as a nation and an Exchange but, more importantly, to learn from your experiences as a vibrant, innovative, technology driven exchange in a bustling economy”, he said.
Dr Kwairanga said the Nigerian Stock Exchange was established over 60 years ago but transformed from a mutual organisation limited by guarantee to a for Profit Public Company owned by and run for the benefit of thousands of shareholders just over three years ago.
“That transformation has come with various challenges in such areas as governance and regulation, technology, market expansion and product development and cost optimization and profitability.
“We know that the NSE India has most probably tackled and surmounted similar challenges and so we look forward to learning from your experience and partnering with you to move forward very quickly”, he noted.
He said India with a large diverse population has overcome many challenges and is now recognised as an economic powerhouse and the future driver of the world’s economy.
“That success is mirrored in the National Stock Exchange which has in a little over three decades of its establishment become one of the world’s leading exchanges with a market capitalization of over Five Trillion Dollars”, he said.
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