Nigeria, Ghana may have joint stock exchange - NSE Chief

Friday Ekeoba, Lagos - 14.03.2008

Efforts that would galvanise the Nigeria and Ghana under a one strong stock exchange may have commenced as the Nigerian Stock Exchange (NSE) played host to two African countries on Thursday to finetune more workable modalities.

The stock exchanges in those countries, whose management were on a visit to the NSE, were Ghana and Cote D’Ivoire.

Addressing the visitors, Mr. Lance Musa Elkama, Assistant Director General of the NSE, said there were about 19 stock exchanges in Africa which on their own were small and lacking in the critical mass necessary for the desired economic impact.

He said that given the work already being done by the stock exchanges and the securities and exchange commissions of the subregion, “I wish to suggest that steps be taken to consolidate the efforts for a more robust and early outcome. We should not fragment our resources through parallel and uncoordinated initiatives.”

Elkama said that given also the small sizes of these markets, growth and economic impact would be better served through regional integration or any form of strategic alliances that would enable “us take advantage of the economies of scale.”