The Nigerian Stock Exchange (NSE) has described the contributions of its 13 trading floors across the country to the overall trading value and volume as dismal.
Mr Oscar Onyema, NSE Chief Executive Officer, made the submission at a recent overview of the market in 2014 and projections in 2015 in Lagos.
Onyema, who accepted that the objective of establishing the trading floors were not met, said the floors contributed only two per cent to the growth of the market.
He said that the two per cent was contributed by the Abuja trading floor.
The chief executive officer said in spite of the poor performance of the floors, they might convert the inactive trading floors to financial literacy and issuers outreach centres.
“We have not seen a lot of attraction with trading and we have a strategy to deal with the issue. We are looking to certainly drive optimisation across all of our branches.
Onyema said the exchange would pursue strategies aimed at actualising its 2019 target.
He explained that the National Council in 2014 approved a revised 2019 NSE Corporate Strategic Plan detailing the exchange’s new growth strategy for the next five years, 2015 to 2019, adding that the revised strategy would position the exchange as the market for entrepreneurial growth.
The focus of the market, he said, would be on ways to boost the number of listed equities and participants in the market.
He said 200 investors’ education outreach programmes were conducted in 2014, empowering thousands of retail investors to make more informed investment decisions.
Onyema also said the exchange hosted a road show to increase Asian foreign portfolio investments (FPI) into Nigeria, noting that Asia was the country’s largest trading partner.
Source : Tribune