NSE Restates Commitment to Promoting Financial Literacy in Market

By Goddy Egene

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has said the exchange remains committed to promoting financial literacy in the capital market.

Onyema stated this in his message to commemorate the World Investor Week (WIW) 2020. The exchange joined the International Organisation of Securities Commission (IOSCO) to celebrate WIW 2020 from Monday and will end Friday, 9. WIW is a week-long global campaign organised by IOSCO to raise awareness of the importance of investor education and protection, and highlight the various initiatives of securities regulators in these two critical areas.

Speaking on the importance of WIW, the NSE CEO said: “Financial inclusion is a priority for stakeholders in the capital market and the exchange makes it a primary concern to contribute towards the achievement of Nigeria’s National Financial Inclusion Strategy of reducing the proportion of adult Nigerians that are financially excluded to 20 percent in the year 2020.
“We recognise that the ability to make well-informed financial decisions plays an important part in the ability of individuals to properly manage their financial affair​s, a factor that can have either a negative or positive ripple effect on the economy. At the NSE, we are, therefore, excited to once again be a part of WIW 2020 and remain committed to promoting financial literacy in the capital market.”
According to him, as a member of IOSCO, the NSE continues to implement and support initiatives that encourage the wider investing public to develop sustainable investment habits.
“These efforts include the introduction of innovative products and services, execution of product-specific trainings and workshops, commemoration of Global Money Week, excursions to The Exchange under the X-Tours programme, and the annual national NSE Essay Competition,” he added.
Onyema explained that the exchange will embark on a fully virtual campaign to further promote smart investing and amplify the opportunities for retail investor participation in Nigeria’s capital market.
“Activities lined up include an awareness programme across its social media platforms on NSE’s retail-focused products and services; trivia contests to reward winners with investments in available products; and virtual engagements with leading financial experts to drive the conversation about financial literacy. These activities will culminate in a virtual ‘Ring the bell for financial literacy,” he said.

Meanwhile, the NSE All-Share Index rose 4.9 per cent to close at 28,909.37 following sustained buy interest in bellwethers, Dangote Cement Plc, MTN Nigeria Plc and Zenith Bank Plc. In all, 45 stocks appreciated, while market capitalisation added N708 billion to close at N15.1 trillion.