NGX, stakeholders to deepen capital market with AI, analytics tools

NGX, stakeholders to deepen capital market with AI, analytics tools

Stakeholders across the technology sector and capital market will collaborate on how to foster growth in the market with the use of Artificial Intelligence and analytics tools.

The stakeholders shared their solutions and opinions at Nigerian Exchange Limited’s Technology Webinar titled, ‘Repositioning Analytics and AI for Capital Market Growth in Nigeria’ held on Friday.

Opening the event, the Chief Digital Officer, NGX, Dr Olufemi Oyenuga noted that the Exchange is exploring the applications of artificial intelligence and Big Data landscape to “reposition the capital market as a driver of sustainable economic growth for Nigeria.”

The Divisional Head, Business Support Services and General Counsel, NGX, Dr. Irene Robinson-Ayanwale added, “At NGX, our unwavering commitment to investing in state-of-the-art technology is driving us forward. We are catalyzing the big data and AI revolution, adapting to the fast-changing landscape, and ensuring that technology is not just a tool but a catalyst for progress.”

The Chief Executive Officer of Intelligent Interactive Limited, Temilouwa Sobowale in his presentation emphasised the importance of tracking a company’s performance on the capital market to identify the drivers, thus equipping the firm to be able to replicate a winning formula.

He said, “If your brand does well on Mondays, you need to find out what led to the increase in share price, so you can recreate it.”

The General Manager (Europe and Africa) Bridgewise, Adedamola Adetola, said that his firm was in the business of democratising equity research, which will open the capital market to a lot more users.

He said that the use of technology models removes bias from analysis of companies.

Adetola added that the collaboration with the NGX is to drive more people to the capital market for growth purposes.

Also, speaking at the event, the Chief Executive Officer of Statisense, Femi Bejide, pointed out that there was a generation of Nigerian youth who see betting as a form of investment compared to a few years back and who are deterred from entering the capital market due to its elitist disposition and tedious onboarding process.

He said, “We need to get Ada and Adamu on the street into the capital market.  There are about 50 million of them. This is one of the biggest way to boost the market.

“I feel that the information coming out of the capital market is bulky, elitist and we have to transition to something granular. Using a combination of AI and other platforms, we can simplify and ensure the on-boarding process is easier.”

Speaking to the regulators, Bejide said that there should be regulatory frameworks to enable banks, fintech firms allow trading on their platforms.

“We need to open up the market because there are a lot of platforms and those things are already happening with no regulations. The USSD launched a few weeks ago is important and we need to take the market to them. The market is big but it can be bigger.”

Also, speaking, the founder of AI In Nigeria, Dotun Adeoye, warned that Artificial Intelligence was not a magic bullet to solve all problems as it needed to be localised for better results.

He said, “AI is not a magic bullet. The NGX is not going to be the first at AI adoption, so there are lessons to be learnt. We will need to localise AI for use in Nigeria.”