Stakeholders across the technology sector and capital market will collaborate on how to foster growth in the market with the use of Artificial Intelligence and analytics tools.
The stakeholders shared their solutions and opinions at Nigerian Exchange Limited’s Technology Webinar titled, ‘Repositioning Analytics and AI for Capital Market Growth in Nigeria’ held at the weekend.
The chief digital officer, NGX, Dr Olufemi Oyenuga noted that the Exchange is exploring the applications of artificial intelligence and Big Data landscape to reposition the capital market as a driver of sustainable economic growth for Nigeria.
The Divisional head, Business Support Services and General Counsel, NGX, Dr. Irene Robinson-Ayanwale stated, “at NGX, our unwavering commitment to investing in state-of-the-art technology is driving us forward.
We are catalysing the big data and AI revolution, adapting to the fast-changing landscape, and ensuring that technology is not just a tool but a catalyst for progress.”
The chief executive officer of Intelligent Interactive Limited, Temilouwa Sobowale emphasised the importance of tracking a company’s performance on the capital market to identify the drivers, thus equipping the firm to be able to replicate a winning formula.
The general manager (Europe and Africa) Bridgewise, Adedamola Adetola, said that, ‘his firm was in the business of democratising equity research, which will open the capital market to a lot more users.’
He said, the use of technology models removes bias from analysis of companies.
Adetola added that the collaboration with the NGX is to drive more people to the capital market for growth purposes.
Also, the chief executive officer of Statisense, Femi Bejide, pointed out that, there was a generation of Nigerian youth who see betting as a form of investment compared to a few years back and who are deterred from entering the capital market due to its elitist disposition and tedious onboarding process.
He said: “we need to get Ada and Adamu on the street into the capital market. There are about 50 million of them. This is one of the biggest ways to boost the market.
“I feel that the information coming out of the capital market is bulky, elitist and we have to transition to something granular. Using a combination of AI and other platforms, we can simplify and ensure the on-boarding process is easier.”
Speaking to the regulators, Bejide said, there should be regulatory frameworks to enable banks, fintech firms to allow trading on their platforms.
“We need to open up the market because there are a lot of platforms and those things are already happening with no regulations. The USSD launched a few weeks ago is important and we need to take the market to them. The market is big but it can be bigger.”
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
