The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, Monday declared that despite the challenges the stock market was currently going through, the capital market remained one of the best means of investing for the medium to long-term.

Onyema stated this while speaking in Lagos at the award presentation ceremony of the 10th NSE National Essay Competition for secondary schools and tertiary institutions in Nigeria.

According to him, the Exchange introduced the essay competition 10 years ago as a way of developing the culture of medium and long-term saving among the youth.

“It was introduced to address the need to expand individual shareholder base through a sustained public enlightenment programme. In addition, the programme aims at encouraging well-rounded students in academics and development of a savings culture through medium and long-term investments at a tender age,” he said.

Besides, the initiative, he said, was also hinged on the cardinal objectives of exposing the youth to the operations of the stock market. Exposing students to careers in securities market and related professions and filling gaps between the school curriculum and practical lessons on investing in securities market, among others.

Onyema explained that the NSE management team knew that while investor education was important to improving participation in capital market activities, there were other initiatives that required their attention if they were to reposition the Nigerian capital market as the gateway to African markets.

“These include: efforts at restoring investor confidence through firm but fair regulations with zero tolerance on infractions; implementing market structure enhancements to improve liquidity in the market; revising our listing standards to drive listings of a diversified set of companies; articulating minimum operational and technical requirements for broker-dealers to operate in our market; introducing new complementary products to enable investors achieve portfolio targets in a risk managed manner; amongst others,” he said.

According to him, the need to deepen the market from both the demand and supply side could be over-emphasised.

He noted that the NSE was planning the introduction of new products that would give investors exposure to an array of asset classes.

Meanwhile, trading at the stock opened on a positive note yesterday as the NSE All-share Index rose marginally by 0.05 per cent to close at 20,426.19 compared with a decline of 0.17 per cent last Friday.

Oando Plc led the price gainers yesterday with N1.30 to close at N27.30 per share, while Flour Mills Nigeria Plc trailed with gain of N2.00 to close at N62 per share. Investors traded 215.054 million shares worth N2.062 billion in 3,843 deals.