Barclays Africa To Join Nigeria Stock Exchange In July
One of Africa’s largest financial institution, Barclays Africa plans to join the Nigerian Stock Exchange, NSE in July.
The move is expected to create access for foreign investors looking to tap into markets in Nigeria and across the continent of Africa as the company is said to be also exploring opportunities in three other African countries.
Garth Klintworth, who is head of markets for Barclays Africa Group, on Thursday said its subsidiary Absa Nigeria had acquired a securities licence in Nigeria, part of a wider plan to increase its presence in West Africa’s biggest economy.
This confirms the NSE’s announcement earlier in the year that it was reviewing applications from leading global investment banks to join its trading floor to increase foreign investment in Nigeria.
“We have acquired a securities licence, stock broking licence and we have already employed people to bring those licences to effect,” Klintworth told Reuters on the sidelines of a conference in Lagos.
Also Read: Barclays Africa Is Coming To Nigeria
Klintworth said Absa would start to trade on the Nigerian stock market from July and was also looking at other markets.
“We are investigating what opportunities there are in Ivory Coast, Morocco and possibly Angola,” he said.
The chief executive of Barclays Africa, Maria Ramos, said in March that it aimed to double its share of the African banking market to 12% over the medium term.
Klintworth said his firm had not seen foreign investors pull out of Nigeria due to rising interest rates in United States or effects of contagion in Italy. However, he said investors were rotating within emerging markets to tap into higher yields.
He said Barclays Africa has seen some flows into Nigeria in the first quarter of 2018, though most investors had opted to wait as they searched for higher yields.
Also Watch: How To Avoid Scammers When Buying Land In Lagos