TUE, NOVEMBER 27 2018-theG&BJournal- ‘’Our strategic relationships have resulted in grants worth approximately USD 1.2Mn from the Financial Sector Deepening (FSD) Africa and the Korea-Africa Economic Cooperation (KOAFEC) fund via the Africa Development Bank (AfDB),’’ the Nigerian Stock Exchange boss OSCAR N. ONYEMA, OON, told the gathering of high level dignitaries at the African Securities Exchanges Association (ASEA) conference yesterday as he reeled out the Association’s successes of the past few years.
Onyema said the grants received to date are targeted at the African Exchanges Linkage Project (AELP), ASEA secondment program, information portal and annual conferences.
‘’These programs are critical levers of success for ASEA and we aim to continue to broaden and deepen our relationships in order to create increasing value for members and the African financial market.’’
Onyema, who is completing two terms as President of the Association, said one of the key achievements is the success in elevating the profile of ASEA on the global stage and the expansion of its portfolio of strategic relationships and alliances.
He said the grants received to date are targeted at the African Exchanges Linkage Project (AELP), ASEA secondment program, information portal and annual conferences.
‘’These programs are critical levers of success for ASEA and we aim to continue to broaden and deepen our relationships in order to create increasing value for members and the African financial market.’’
The NSE boss said; to this end, we will officially sign a memorandum of understanding with the World Federation of Exchanges (WFE). I will like to thank the WFE and we look forward to working with the Federation on many initiatives. The MoU is expected to be signed today at the ORIENTAL HOTEL, LAGOS, the venue of the conference.
He also spoke of the Association’s strategies to ensure it delivers value for members and partners. Under his leadership, the Association created a five year strategy running from 2019 – 2023 to provide a structured approach to delivering on initiatives. The strategy is designed to position ASEA as the authoritative source of information on African exchanges. The statistics portal of the website was recently remodelled in order to present quality statistics in insightful ways.
‘’I encourage you to keep abreast of interesting developments in African exchanges using this resource. Other goals the strategy aims to achieve include intensifying the association’s advocacy and capacity building functions,’’ Onyema urged members.
This year’s conference theme is ‘’Champions On the Rise: Africa’s Ascension to a More Sustainable Future.’’ Accordingly, we have put together a diverse line-up of speakers who will be discussing a broad range of topics from attracting capital flows to driving innovation in the fourth industrial revolution. The discussions promise to be invigorating and exciting so we ask that you please stay engaged and participate fully, Onyema said.
It has been almost a decade since Nigeria last hosted the ASEA Conference which held in Abuja in 2009 and it was at a time the country was reeling from the shocks of the 2007 – 2008 global financial crisis, the price of crude oil was down to USD 53, financial regulation was much weaker and the African capital market had less competitive products.
Onyema noted how things have profoundly changed since then. He said today, Sub-Saharan Africa is growing at 3.1% as political and economic developments in a number of African countries experience some relatively progressive regime changes. In the capital market, African exchanges have become more robust from a regulatory, technology and product standpoint with six African exchanges now represented on the World Federation of Exchanges (WFE).
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