Nigerian Exchange Limited (NGX) has disclosed its intention to partner with the incoming administration under the leadership of the incoming President Bola Ahmed Tinubu to develop the right policies that will promote and attract listings in the capital market.
NGX revealed that despite a total of N360 trillion moved within the Nigerian economy in 2022, only N1 trillion made its way into the capital market.
Its chief executive officer, Temi Popoola, made this known at a Closing Gong Ceremony held in honour of the CEO of StoneX Group for Europe, the Middle East and Africa (EMEA), Philip Smith, in Lagos recently.
Whilst stating that the market can thrive with an enabling policy from the government, Popoola said the exchange is looking to collaborate with the new administration to develop the right policies that will promote listings in the market.
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He said, “The age-old question for the capital market has always been how to get more corporates to list on the Exchange. Federal government policies have influenced listings in the market. For instance, in the ’70s, as a result of the indigenization policy introduced by the then administration, listings grew from 6 to 81.”
Also speaking, Philip Smith noted that there is a need for the government to be conscious of the market by putting up structures that attract listings on the exchange.
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