Oluseyi Owoturo said purposeful innovation is essential for the sustainable growth and expansion of the capital market in Nigeria [1].
This focus on purpose-driven technology is critical because operational friction often discourages participation. By streamlining processes and improving the investor experience, the market can attract more sustainable capital and increase overall liquidity.
Owoturo, the chief executive officer of Coronation Registrars Limited, said innovation must be driven by a specific purpose to be effective [1]. He said the goal should be the reduction of friction within the system—a move that would elevate the overall experience for those investing in the market [2].
According to Owoturo, the expansion of the Nigerian capital market depends on the ability of stakeholders to implement tools that solve real-world operational hurdles [3]. This approach moves beyond adopting technology for its own sake and instead focuses on strategic improvements that facilitate easier market access.
Reducing these frictions is viewed as a primary driver for long-term stability [1]. When investors encounter fewer barriers to entry and management, the market becomes more attractive to both domestic and international participants [2].
Owoturo said that the integration of these purposeful innovations would lead to a more robust financial ecosystem [3]. By prioritizing the investor experience, the market can ensure that growth is not just rapid, but sustainable over time.
“Purposeful innovation is essential for the sustainable growth and expansion of the capital market in Nigeria.”
The emphasis on 'purpose-driven' innovation suggests a shift in the Nigerian financial sector away from generic digitalization toward targeted problem-solving. By focusing on the removal of operational friction, the market aims to lower the barrier to entry for retail investors, which is a necessary step for diversifying the investor base and reducing reliance on a few large institutional players.
