NSE targets one trillion dollars market capitalisation by 2016

Mr Oscar Onyema
Director General of the Nigerian Stock Exchange,

NSE targets one trillion dollars market capitalisation by 2016
Funke Atohengbe, Johannesburg

The Nigerian Stock Exchange says it has put in place a five-year plan that will increase its market capitalization to hit One trillion dollars from about 74 billion Dollars by the year 2016.

Speaking at the Nigerian Economic Forum in Johannesburg, South Africa, the Director General of the Exchange, Mr Oscar Onyema explained that the plan would see the inclusion of three new products - Exchange Traded Funds, Options and Financial Futures - to the existing two of Fixed Income and Equities.

Expected GDP increase

Mr Onyema said it was expected that the five year plan would increase Nigeria's Gross Domestic Product (GDP), from 7.4 per cent, which is 65.9 billion dollars in 2010 to 76.3 per cent.

He said the three new products on which the Exchange is anchoring its growth plan would help propel it to achieve the set goals within the next five years.

Enabling environment for investors

Mr Onyema said part of the five year plan wass to upgrade the technology currently in use to a more sophisticated and modern one and improve on the listing requirements to attract more companies to invest on the floor of the Nigerian Stock Exchange.

He noted that one of the major challenges facing the businesses in Nigeria and indeed Africa was that of financing.

The Director General said that the Nigerian capital market would now be in a better position to provide alternative financing methods for businesses to thrive, thus impacting positively on the nation's economy.

The Nigerian Economic Forum was organised by the Nigeria-South Africa Business Forum in collaboration with the Africa Advisors and Global Pacific Partners.

Williams/Ekata