The federal government has said it will consider incentives to encourage companies to list their shares on the Nigerian Stock Exchange (NSE) in recognition of the importance of the Nigerian capital market as a major driver of the national economy.
Vice President, Federal Republic of Nigeria, Professor Yemi Osinbajo, gave this assurance over the weekend during a working visit to the NSE in Lagos. Osinbajo interacted with market stakeholders and traders and performed the ceremonial closing of the market. Osinbajo said the government will work with the NSE to promote the Nigerian stock market given the role of the Stock Exchange as an important driver of economic activities and investments.
He noted that while the main focus of the government is to create a generally amenable operating environment for the private sector to thrive, government will also consider proposals from the Exchange on ways to encourage listing and support corporate growth.
“We certainly want to encourage listing, and that’s part of why I am here, to promote interest in the market,” Osinbajo said.
He said the government would work with the market stakeholders determine possible areas of incentives and supports that could stimulate participation in the Nigerian market.
“We will be acting a lot on the advice of the NSE council. Where the NSE council or the market makers think that there are things that may be done to make life easier in some way or to encourage listing in some way, we will be happy to listen to those,” Osinbajo said.
He however ruled out direct government intervention in goading privatised companies to list their shares noting that the decision to list by private companies will remain decisions of their boards and shareholders.
Alhaji Aliko Dangote, a former president of the NSE and the owner of the largest group of companies on the Exchange was also at the interactive session.
