Chief Executive Officer of Nigerian Exchange Limited, Mr Temi Popoola, has affirmed that Nigerian Exchange Limited (NGX) is fully poised to lend its support to the Federal Government’s objectives.
NGX aims to achieve this by mobilising capital, which, according to him, “will address government challenges and foster wealth creation for Nigerians.”
According to a statement by the local bourse, Poopola made the assertion in the wake of President Bola Tinubu’s ceremonial ringing of the Closing Bell at NASDAQ Exchange in New York last week, marking a significant moment in the NGX International Non-Deal Roadshow supported by Stanbic IBTC, CardinalStone Partners, and Chapel Hill Denham.
Popoola, speaking on the sidelines of the Roadshow to BBC in London, highlighted the privatisation initiatives in the telecommunications sector as a compelling illustration of this concept.
He pointed out that President Tinubu’s administration, presently engaged in tax reforms to boost revenue, could harness the potential of the capital market to create value and simultaneously achieve its objectives while delivering returns to investors.
As part of on-going endeavours to attract foreign investors to the Nigerian economy, Mr Wale Edun, the minister of Finance and the coordinating minister of the Economy, ceremonially rang the opening bell at the London Stock Exchange on Monday, 25th September 2023 to spotlight the London arm of the Roadshow.
Since the onset of the COVID-19 pandemic in 2020, foreign investment in Nigeria has experienced a significant decline, mirroring the trend observed in other emerging economies during the same period.
“What we are trying to achieve is to emphasise to investors that Nigeria is open for business and also reinforce that the enormity of the challenges is clear and work has begun to address all the issues.
“Whether capital inflows or foreign exchange illiquidity, NGX remains a veritable platform for solving these economic challenges,” the CEO added.
According to Popoola, encouraging listings could also address government’s problems, including tax revenues, and create value for shareholders as listed companies had better governance and were more accountable with tax payments.