By Chinwendu Obienyi
The Nigerian Exchange Limited (NGX) has said it is confident that the new administration will take efficient steps to address FX constraints which have continued to challenge the nation’s economy.
Its Chief Executive Officer, Temi Popoola, stated this during the closing gong ceremony to commemorate the centenary anniversary of the International Court of Arbitration (ICC) which held in Lagos recently.
While welcoming the ICC delegation to the exchange, Popoola who was represented by the Divisional Head, Capital Markets at NGX, Jude Chiemeka, stated that the exchange is pleased with the growing number of domestic and foreign investors on its platform.
He noted that the NGX trades between $250 million to $300 million a day and added that this has declined owing to FX constraints.
“We are hopeful and we are beginning to see that the new administration wants to tackle FX constraints. At the NGX, we will continue to appreciate our partners. We are truly delighted to welcome the ICC to the exchange and at NGX, we will continue to build on partnerships just to ensure that companies will be able to come and raise capital”, Chiemeka said.
Responding, the Secretary General, ICC, John Denton, noted that the ICC with 400 million members in 170 countries, play a critical role in ensuring appropriate advocacy with the government and global business community on effective means of enabling the private sector, provide training and capability building to link Nigerian businesses unto the extraordinary global platform of the national chamber of commerce.
Denton said one of the key aims of the ICC is to enable global trade while expressing excitement that the market sustained a bullish tilt in three consecutive trading sessions.
According to him, this bodes well especially for investors’ confidence under the new administration and is critical to keeping the market competitive and also transparent.
Commending the NGX for its giant strides in innovation and technology, Denton said this aligns with the ICC objectives which is a critical part of its role in developing the private sector and also enabling the private sector to operate effectively.
“We are looking at 30-40 sovereign states with serious debt and liquidity issues and yet on a global basis, that is dismissed as something to be worried about and not something to be acted on. What that means is that the advanced economies are not prepared to work harder on the debt forgiveness issue, resolution issue because if these countries fall over, it will be terrible. We think this is fundamentally wrong and that is what we are working on. Working with a group like the NGX who understand is required to keep the markets moving will be very helpful too”, the ICC Secretary General said.