Mr. Temi Popoola, Chief Executive Officer of Nigerian Exchange (NGX) Limited, has underscored the significant role that Nigeria’s entertainment sector, specifically Nollywood, can play in bolstering retail investor activity in the capital market. Popoola made these remarks during the Closing Gong Ceremony, which marked the end of the trading year and celebrated the achievements of Nollywood icon and CEO of RMD Productions, Mr. Richard Mofe Damijo (RMD).
Popoola emphasized that Nollywood’s widespread appeal to Nigeria’s younger generation positions it as a potential catalyst for increased retail investor participation. He stated, “Nollywood plays a critical role in selling the Nigerian economy and can help to catalyse increased retail investor activity by educating the younger generation to further crowd them into the market. Nollywood stakeholders can also leverage the market to raise the capital to fund their businesses and projects, deepening the synergy between the creative sector and the capital market.”
Mr. Richard Mofe Damijo emphasized the importance of collaboration between the business community and the creative sector, highlighting the mutual value they can offer each other to drive the growth of the Nigerian economy. He asserted that integrating art and culture is vital for promoting Nigeria and attracting foreign investment.
Popoola noted that internationally, countries promote their economies through their art and culture, emphasizing the potential for Nigeria to follow suit.
In the financial realm, the NGX All-Share Index closed the year positively, marking a remarkable 45.90% year-on-year increase. Despite concerns about the impact of elections, the local bourse displayed an upward trajectory, with investors reacting positively to critical policy changes announced by the new administration. Notably, gains were recorded in May, June, and July, attributed to upbeat corporate earnings, strong demand for blue-chip names, and positive market actions on key companies. Nigerian equities have emerged as the best-performing market globally, outpacing their African peers.