New listings’ll drive stock market growth

New listings’ll drive stock market growth

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stock market growth

The Nigerian stock exchange market will experience an unexpected rise if various sectors like oil&gas, power and telecommunication get listed in the Nigerian stock exchange, the group managing Director, Financial Trust Company Nigeria Limited, Mr. Alexander Ajayi, has said.

Ajayi stated that FTC is a financial service provider focusing majorly on stock broking, he also said that the privatisation and deregulation of the Nigerian economy remained a critical factor and would play a huge role in propelling the desired growth.

He made this statement on Wednesday at his office in Lagos during an event to mark the 40th anniversary of the company.

He said ”more companies need  to get listed on the NSE, especially in the telecommunication, power and oil sector. The private sector needs to take charge of the economy, they also need to be motivated to take the big firms that would decide  to come on board.

”The stock market needs new listings to attain the target growth of the NSE, which is N1tn market capitalization this year.”

stock market growth

HE also made claim that the country had so much capacity that needed to be improved and accessing funds via the capital market which is cheaper, would go a long way in empowering business financially.

Speaking on the company’s agenda going forward, he said all avenues of growth in the capital market were being explored starting from the NSE to the NASD and the FMDQ.

He then went on to emphasize on the need for Nigeria to diversify its economy so that the volatility characterising the global oil market would not continue to have a negative impact on the economy, while also urging the government to promote the enabling environment in terms of laws, environmental protection and amenities.

Ajayi made reference to the company’s leveraging contemporary technologies to drive its operations, and had invested in different ideas thgat would generate seamless relation with customers.

“The use of the right technologies is a low-hanging fruit for us because that is the best and most effective way to get across to customers, while also getting desired  feedbacks.” he said.

Another contributor was Mrs. Bolaji Afolabi, the managing director of FTC, she said the company was at a new dawn and the days ahead can only be brighter.

She said” irrespective of the pat and current challenges facing the economy, the company was targeting to be the best in its field”

 

 

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