This initiative was realized through high-level discussions with the National Stock Exchange (NSE) of India and prominent figures in India's financial sector.
The two-day event, which took place on Monday, December 16, and Tuesday, December 17, 2024, at the NSE headquarters in Mumbai, India, convened the leadership of SEC, NGX Group, and NSE to identify mutual opportunities and strategies aimed at promoting innovation, market growth, and sustainable development.
In his opening remarks, Alhaji (Dr.) Umaru Kwairanga, Chairman of NGX Group, lauded India’s achievements as a global economic powerhouse, drawing parallels between the two nations. He stated, “We congratulate you on your success as a nation and an exchange, but, more importantly, we are here to learn from your experiences as a vibrant, innovative, technology-driven exchange in a bustling economy.”
Dr. Emomotimi Agama, Director-General of SEC Nigeria, emphasized the regulatory benefits of the visit, noting, “Collaborations like these allow us to adopt global best practices in regulating and developing our markets. The insights gained from this engagement will play a critical role in shaping policies that promote transparency, stability, and investor confidence.”
Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group reinforced the importance of this collaboration, stating, “This interaction marks a new chapter in our commitment to fostering innovation and driving growth in Nigeria’s capital markets. By learning from the National Stock Exchange of India, a leader in leveraging technology for market development, we aim to enhance our operational efficiency and introduce cutting-edge solutions tailored to our market’s unique needs.”
Ashishkumar Chauhan, Managing Director and Chief Executive Officer of NSE India, expressed pride in the contributions of NSE to India’s economic development. He stated, “We are proud of what NSE has achieved for the Indian economy and government, particularly in increasing retail participation and facilitating capital raising for companies, including small and medium-sized enterprises. We look forward to exploring collaborations with NGX Group to exchange knowledge and foster mutual growth in our markets.”
The delegation's visit offered an in-depth perspective on India's financial landscape, illustrating the interplay between regulation and technology in driving market expansion. Throughout their stay, the Nigerian delegation interacted with NSE India to explore topics such as retail engagement and education, governance, strategic investments, and the integration of cutting-edge technologies to improve market efficiency. They also toured Deutsche Bank India, a key trading license holder of NSE, where they delved into the operational aspects of trading within India's dynamic financial environment.
A visit to the National Payments Corporation of India (NPCI) provided valuable insights into the payment system infrastructure and its significance in promoting financial inclusion and accessibility for investors. Additionally, the delegation held discussions with the Securities and Exchange Board of India (SEBI) regarding regulatory frameworks that support market stability and foster innovation. A strategic meeting with Tata Consultancy Services (TCS) focused on harnessing technology for cost efficiency, operational improvements, and overall market advancement.
The ceremonial closing of the market at NSE India was a significant highlight of the visit. The bell-ringing ceremony represented a commitment to strengthening relationships and enhancing collaboration between the two markets.
These interactions emphasized the common goal of NGX Group, SEC Nigeria, and NSE India to utilize innovation, technology, and strategic alliances to create new growth opportunities in their respective markets.