Barclays Africa to join Nigerian Stock Exchange in July as broker

Barclays Africa plans to join the Nigerian Stock Exchange as a broker in July and is exploring opportunities in three other African countries, in a move to create access for foreign investors looking to tap into markets on the continent.

Garth Klintworth, 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 it presence in west Africa’s biggest economy.

Nigeria’s stock exchange, the third largest in Africa, has in the last few years said it was reviewing applications from leading global investment banks to join its trading floor to increase foreign investment in one of the world’s least tapped emerging markets.

“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 the commercial capital, Lagos.

The firm was also looking at openings in other markets on the continent.

“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 the firm aimed to double its share of the African banking market to 12 percent over the medium term.

Read more: Reuters