NSE boss bemoans Nigerian investment and saving habit, faults market data availability
Oluwaseun Afolabi is Businessamlive Reporter.
You can contact him on afolabi.oluwaseun@businessamlive.com with stories and commentary.
Oscar Onyema, CEO, the Nigerian Stock Exchange, has faulted the availability of market data as the underlying reason for the poor habit of savings and investment in Nigeria.
Speaking at the 2019 Market Data Workshop, held in Lagos, Onyema stated that there is a growing appetite for market data and the investment value chain should rise to the challenge.
Onyema said, “Despite the growing number of mutual fund investment, the mutual fund to GDP ratio is still very poor and under 1 percent, and this is because a lot of people still have very low inclination to savings and investment.
This is due to inadequate knowledge of investment products and benefits, and this is were market data comes in”
“There is a growing need for market data and today underpins the need to address and dis-aggregate this issue and key into the demand for market data”
The Exchange also used the opportunity to introduce its mobile platform called “X-mobile”, though not yet available to the general public, the beta version, which will be released today on google playstore will be used for survey purposes. The app will help with trading, getting firsthand market news, and market data, amongst other things.
Jude Chiemeka, Trading Division head, NSE, stated that with the customer needs being a key focus and paramount at the NSE, the exchange is looking to create a more viable and competitive market. He added that in moving towards the 4th industrial revolution, the Nigerian Stock Exchange is leveraging on technology, thus its new product called “X-mobile”