Financial stakeholders yesterday called for technology advancement in ensuring a sustainable economic growth in the country.
They made this call at the fourth edition of the Nigerian Stock Exchange (NSE) – Bloomberg CEO Roundtable held in Lagos
They noted that the event themed: “Reshaping the Nigerian Economy for Sustainable Growth: Leveraging the Fourth Industrial Revolution as a Catalyst for Advancement”, has provided the opportunity to examine the present state of Nigeria’s economy, as well as share ideas on the fourth Industrial Revolution and its implications for the Nigerian economy.
Speaking, the chief executive officer of NSE, Oscar Onyema, stated that ideas generated in the past editions have provided the Exchange with more insights in carrying out its advocacy efforts with policy makers, and some of these ideas have been implemented and have gone ahead to spur a rebound of the economy.
He noted that this year’s edition of the CEO Roundtable was designed not only to discuss frameworks for economic turnaround, but explore how to position the Nigerian economy for sustained growth.
According to Onyema, most of the world’s developed economies have begun to adapt to the fourth Industrial Revolution, which has integrated digital, physical and even biological technologies, with clear impacts on unlocking latent economic value, with far reaching effects that have led to disruption of certain industries and creation of new ones.
“The opportunity the fourth Industrial Revolution presents is unlike any other, as the barriers to entry are low, with an upside that is vast and yet to be quantified,” he said.
He stated that “at the Exchange, we consider ourselves to be a forward-thinking securities exchange, and have since begun the advancement of our offerings with the assistance of technology,” saying that technology helps NSE to proactively forestall market manipulation, spoofing among others.
He added further that in order to capitalise on the opportunities presented by the fourth Industrial Revolution, the Exchange was investigating the market potential of key emerging technologies in order to deploy solutions which would empower a larger proportion of the populace to access the capital market; and unlock efficiencies in product and service delivery for capital market operators.
Also, CEO of Zenith Capital Limited, Jubril Enakele, reiterated the need to catch up with the rest of the world, especially when it comes to financing.
According to him, the first, second and third industrial revolution which had to deal with energy and electricity, generation of computers and IT to drive productivity was quite different from the fourth industrial revolution which is about communication and interconnectivity of these technologies earlier developed.
“It is possible for Nigeria to benefit from the fourth industrial revolution but we need to catch up, because it started years ago and for Nigeria it’s late,”he added.
Enakele pointed out that in the wake of massive transactions taking place with Bitcoin and crypto currencies in developing and developed countries around the world, the finance and capital market operators would need to imbibe the technology space, noting that “we ought to start by providing a policy framework for that to thrive.”