Thursday, August 09, 2018 6.00PM / Proshare WebTV
The prospects for driving the growth and development of the Nigerian Capital Market ecosystem, received a boost yesterday Wednesday, August 08, 2018 with the official launch of the Association of Securities Exchange of Nigeria in Lagos.
This positioned Nigeria as the first country in Sub-Saharan Africa to achieve a first-ever collaborative effort amongst its securities exchanges.
In this article, we identify 7 key things to note from the launch of ASEN Nigeria
5 Founding Members
The ASEN Nigeria incorporated in 2017 and registered as a not-for-profit industry wide association, that have the following as founding members the Nigeria Stock Exchange, the NASD OTC, FMDQ OTC, Nigeria Commodity Exchange and AFEX Commodities Exchange. The essence is to support the advancement of the Nigerian capital market.
It will also develop the Nigerian capital market through knowledge-sharing, collaboration, capacity-building and advocacy for the market.
Build a Strong Nigerian Capital Market
With the launch of the association, it is expected that the cooperation amongst the five (5) domestic securities exchanges will help to build a stronger capital market and cultivate a culture of mutual support and collaboration among the key stakeholders.
This will also involve the building of capacities across the securities exchanges.
Achieve Global Competitiveness
Through ASEN, Nigeria has a great opportunity to achieve global competitiveness, through strategic trading venues in the country that will provide relevant information on the market in a holistic manner.
It will also seek to unlock value in the Nigerian capital market, deepening it and providing an opportunity to grow the economy.
Shared Services & Market Infrastructure
The ASEN Nigeria will leverage the shared services and market infrastructure across the five (5) founding securities exchanges, to a attain a single cohesive group to develop the capital market.
It will lead to cost saving activities for the exchanges, and increase cooperation and collaboration that will serve as a leading hub for economic development in the region.
Strong Market Advocacy Group
ASEN Nigeria is viewed as the latest strategic and vibrant capital market advocacy, lobby or pressure group that will be advancing the cause of the market.
The Association will constantly engage policymakers and lawmakers, on policies and legislation that will create an enabling environment for attracting significant investments into the country.
It will also seek to push for the implementation of the Nigerian 10-year capital market master-plan (2015-2025) which is designed to reposition the nation as a dynamic market economy.
The Nigeria Stock Exchange is the springboard of the initiative while the FMDQ OTC serves as the secretariat.
Related News10.#CodeCashCrop: AFEX leads discourse on Agric, Finance and Tech Convergence