FG lauds NSE over economic growth, capital formation

As Onu commissions N500m new data centre

Nigeria’s commitment to technological development is gathering momentum as the country’s centre of capitalism has commissioned its world class data centre, setting the pace for sub-Saharan and other African markets.

Nigeria’s Government demonstrated its commitment to technological development with the commissioning on Monday, the Nigerian Stock Exchange’s (NSE) newly built data centre valued at N500 million, even it lauded NSE for Nigeria’s economic development, capital creation and market infrastructural development.

Minister of Science and Technology, Mr Ogbonnaya Onu, who commissioned the data centre and had the privilege of sounding the exchange’s closing gong, extolled the exchange for its commitment to developing and growing Nigeria’s economy and capital formation.

While applauding the leadership of the nation’s bourse on economic development, the minister pointed that the Exchange’s profile is continually rising and with the innovative data center to compete with first rated global markets, the exchange positions as rising greater than anticipated.

Onu explained that Nigeria economy has been going towards one direction, relying mainly on crude oil for revenue adding that in order to diversify the economy, the Ministry of Science and Technology like others are working hard to change the direction.

“We want to move the economy towards innovation and diversification so that any sharp drop in oil price will not affect the economy. We want to widen research and technology to help drive the economy,” he said.

Onu advised the Exchange to consider listing science and technology firms especially those at SMEs level to enable them generate investment for expansion and also contribute to the economy.

“While we commend Exchange for its contribution to the growth and development of the economy, we have to continue to look inward and do things our own way as regards innovation and creativity,” he said.

Earlier in his remark, Chief Executive Officer, NSE, Mr. Oscar Onyema , said, “It is a place of cutting edge in Africa and has placed us to the part of world class market.

We commend the Science Minister for this commissioning; and we hope that science and technology firms will start approaching us for listing on the Exchange,” he said.

According to Onyema, for Nigeria’ economy to recover, science and technology play a major role adding that the N500 million data will play a key role in enhancing the economy. data center