Stockbrokers Push for Innovative Finance, Technology to Boost Economy

Nigerian Stock Exchange gain
  • Stockbrokers Push for Innovative Finance, Technology to Boost Economy

Stockbrokers have identified innovative financial services and products and technology-driven processes as major enablers for the development of the Nigerian capital market and the economy.

Stockbrokers have thus resolved to bring the issues of rapid changes in technology and product innovation into the mainstream of national discourse as the Chartered Institute of Stockbrokers (CIS) begins preparations to mark its Silver Jubilee.

Stockbrokers have also endorsed privatization of moribund enterprises as a way of boosting their efficiency and attracting private sector participation .

At a media briefing on the annual conference of stockbrokers scheduled for November 16th and 17th, 2017, Chairman, Annual Conference Committee, Mrs Lilian Olubi said that the conference had been packaged to help deepen the market and expand the professional knowledge of the dealing members.

According to her, as one of the most prestigious professional bodies in the Nigerian financial industry, stockbrokers have, again, sought to elevate the all-important debate of financial market development at their conference with the aim of charting a course forward on policy alternatives.

“This is reflected in our theme for this year’s edition titled, “Adapting to Dynamic Changes in the Financial Market”. Our choice of this year’s theme was informed by the marked rapid pace of innovations in the economy and capital markets, which require operators – both dealing members and the investing public, to keep abreast of these developments in order to make informed choices,” Olubi said.

She noted that as businesses seek for alternative ways to raise capital and investors look to further diversify their portfolios from traditional assets, it has become imperative to encourage innovation of financial products.

She added that the stockbrokers’ conference would be discussing options and strategies for deepening of our local market through introduction of new products’ such as derivatives, commodities, sukuk and alternative assets.

“Introduction of new products will help deepen the market and expand professional knowledge on diverse investments products, thus encouraging more foreign investors’ participation whilst also developing our finance professionals. Also, advancement of technology in finance profession has become imperative in improving investors’ experience and supporting efficiency drive of stockbrokers,” Olubi said.

Corroborating her, the CIS’ First Vice President, Mr Tunde Amolegbe assured participants that top government functionaries would participate in the conference.

Responding to a question, a member of the Organizing Committee, Mr Akeem Oyewale explained that Nigeria’s economy was ripe for trading in derivatives.

According to him, Nigeria is a large market which largely depends on mono product pointing out that the economy needed to invest in capacity building in order to cope with the challenges of the global economy.

Another member of the Organising Committee, Mohammed Garuba advised the investors to take advantage of Investment opportunities in the Capital Market in order to enhance their Returns On Investment (ROI)

Speaking further, Olubi stated that the Nigerian capital market had a lot of potentials for deepening in terms of investment products and private sector participation.

“Privatisation of public entities which helps to improve their efficiency, will also aid the objective of boosting private sector participation in the capital markets through primary market issuances for debt and equity securities. Upon highlighting these various topics, it becomes imperative to discuss them extensively to ensure continual development of the Nigerian Capital Market. We have a cream of notable speakers to do justice to the topics,” Olubi said.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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