NGX bets on Nollywood to boost retail stock investment

The Chief Executive Officer of Nigerian Exchange Limited (NGX), Mr Temi Popoola, has said Nollywood, the country’s film industry, can help to further boost retail investor activity in the capital market due to its appeal to the younger generation.

Popoola said this on Friday at the Closing Gong Ceremony commemorating the final trading day of the year and celebrating the achievements of Nollywood stalwart and CEO RMD Productions, Mr Richard Mofe Damijo (RMD), the bourse said in a statement.

“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,” Popoola said. “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.”

Mofe Damijo, giving his remarks, said it was important that the business community and the creative sector stimulate interactions as both sides had tremendous value to offer each other and drive the growth of the Nigerian economy.

“We cannot promote Nigeria or attract foreign investment without integrating our art and culture into it,” he said, adding that other countries who promote their economies on international platforms go through their art and culture.