Thursday, October 19, 2017

Nigerian Stock Exchange gets $140m data centre to compete with ‘some of the best’ exchanges in the world

Facility in Lagos hailed as a cornerstone to the country’s economy which has felt the effect of decreasing oil prices.

The Nigerian government has opened a Tier Three modular data centre in Lagos in a boost to the country’s stock exchange.

The government believes the N500m ($139m as of August 8, 2017) data centre has enough IT power to enable the Nigerian Stock Exchange to compete with some of the “best exchanges” in the world.

The opening ceremony was attended by the Minister of Science and Technology, Dr Ogbonnaya Onu, who said the government is invested in breaking the country’s mono commodity-based economy.

Dr Onu said the way the economy has been built over the years was the reason why the country has felt the effect of the changes in the oil market.

The opening of the data centre in the Nigerian capital is the continuation of the government’s efforts to reshape the economy and the minister said that collaborations with relevant establishments have already been made to ensure the success of the data centre.

The government has started works with research institutes through the Federal Ministry of Technology and Science in a bid to create more jobs and wealth.

Dr Onu said a data centre for the Nigerian Stock Exchange was a necessity due to the importance of the stock exchange to the nation’s economy.

He also urged the Nigerian Stock Exchange to allow the public listing so small and medium enterprises (SMEs) to boost the economy as a whole.

Oscar Onyema, CEO of the Nigerian Stock Exchange, said the facility will be used to reduce latency times and improve redundancy overall.

The data centre is to firstly be used only for brokers activities, with Onyema adding that in the future the hub’s operations might be expanded to quoted companies and others.