Standard Bank : Nigerian Stock Exchange remains stable, says NSE head

23 June 2015

The Nigerian Stock Exchange (NSE) is stable and performing well, said Oscar Onyema, Chief Executive of the NSE.

Addressing a group of investors at the Africa Investors Conference in London, Mr Onyema said: "The (Nigerian) market has stabilised and is far more resilient today than when we had our last crisis."

The three-day Africa Investors Conference, which is hosted by the Standard Bank Group and ICBC Standard Bank, is aimed at promoting Africa investment.

Mr Onyema said that currently about US$22 million is traded daily on the NSE, down from highs of about US$30 million.

"As the situation in Nigeria improves in terms of policy direction, we can expect to see more activity (on the NSE)," he told investors.

He said that foreign investors had never left the NSE, although there had been a reduction in the level of trading activity. Local investors made up 75 per cent of the NSE, while foreign investors made up the remaining 25%. However, foreign trade made up about 60 per cent of market activity on the NSE, he said.

Mr Onyema said major efforts, under the leadership of the Securities and Exchange Commission, were currently underway to co-ordinate changes in pricing structure on the NSE. This should drive market improvements and encourage people to trade more.

"We need to drive efficiencies," he stressed.