The Nigerian Stock Exchange (NSE) on Tuesday became the first West African stock exchange to be granted full membership status by the World Federation of Exchanges (WFE).
The NSE was elected as a federation member during the fifty-fourth general assembly and annual meeting of the WFE, held in Korea.

“We are very proud that the NSE has been granted full WFE membership status. This is a positive step towards our integration with global financial markets. We [have] put in a lot of hard work and we have cultivated excellence in our day-to-day operations, which has earned us this recognition among our peers in this notable global trade association,” NSE CEO Oscar Onyema commented.

The NSE had gone through a series of assessments in the run-up to being granted membership. This included a visit by a WFE inspection team, in September, which included meetings with the NSE management team and several key stakeholders, such as the Securities and Exchange Commission of Nigeria, the Central Bank of Nigeria and the Central Securities Clearing System.

Onyema stated that WFE membership was an important reference for many international investors.

“This membership status reflects the exchange’s commitment to implementing the highest standards of international best practice. Our ambition is to become the foremost stock exchange in Africa and today is an important step in that journey,” he said.

WFE board member and JSE CEO Nicky Newton-King commended the NSE, stating that this membership had been a long road for the Nigerian exchange.

“The WFE review committee tasked with their application commends them for the attention they have paid to putting in place the regulatory and technological infrastructure necessary, both for the NSE to meet global standards, as well as to position the NSE for future growth.

“It is this very significant, concerted effort by the team over the last three years that earned them the recommendation,” Newton-King said.

Meanwhile, NSE head of strategy Yvonne Emordi said WFE membership would set the tone for the exchange’s upcoming Asia tour, aimed at introducing the Nigerian market to Asian fund managers. The tour would start in Singapore on December