The CEO of The Nigerian Stock Exchange, Oscar N. Onyema, talks to COVID-19 Africa Watch about how the exchange has responded to the COVID-19 pandemic.

Key Takeaways

The following are a few of the main takeaways from COVID-19 Africa Watch’s conversation with Oscar N. Onyema, CEO, The Nigeria Stock Exchange (NSE):

• At the start of the pandemic, the NSE quickly implemented a business continuity plan that included, initially, temperature checks, the use of hand sanitizers, and in-office social distancing and then, later, transitioned to remote work, which would not have been possible had the groundwork not already been in place.
• As investors move to safer assets, the NSE’s gold ETF has performed well, including among foreign investors. The fixed income market also remains active due to increased government borrowing and corporate issuances.
• Domestic investors have stepped in to spaces in the marketed vacated by foreign investors.
• The government and the private sector in Nigeria appear to have cooperated effectively in the face of the challenges posed by COVID-19.
• Management lessons from the current crisis include 1) the importance of preparing the response before the crisis hits; 2) the need to carry along the entire ecosystem not just one’s own institution; and 3) the value of forging partnerships.

The interview was conducted by the NSE’s Kenneth Ohaeri, who is an IFC-Milken Institute Capital Market Scholar from Nigeria. A transcript is available below.