Nigeria wants multinationals listed on own stock exchange

nigerian_stock_exchange

The Federal Government on Friday said it would consider introduction of incentives to ensure listing of multinationals and telecommunication companies on the Nigerian Stock Exchange, NSE.

Vice President Yemi Osinbajo stated this during a courtesy visit to the management of the exchange and stock market community in Lagos.

Mr. Osinbajo said government would encourage more companies to list on the NSE in order to create prosperity for the investing public.

“We are considering incentives regime that will enable businesses to thrive because as you know the immediate challenges are power, exchange rate and infrastructure, and all of these are things we are working on day by day basis.

“My interaction today with the council has helped in a great deal in understanding some of the issues and we are looking at a way we can deal with it,” he said.

He noted that the new investors of the privatised state-owned-assets had the prerogative to go public but the government could persuade the boards to list.

He said that government would work with the exchange to encourage an incentive regime to ensure listing of more companies on the NSE to deepen the market.

The vice president said that partnership with the broker-dealer community was needed to tackle the present economic challenges.

Mr. Osinbajo stated that government would also support private sector partnership, noting that private sector holds the economy.

He said that private sector must work hand in hand with the government to tackle the country’s economic challenges.

“We must see ourselves as partners working together to move our nation forward,” he said.

Also speaking, Aigboje Aig-Imoukhuede, NSE Council President, who commended the vice president for the visit, said that the exchange would work with the federal government to overcome economic challenges.

Mr. Aig-Imoukhuede said that the exchange had consulted with Mr. Osinbajo over time on difficult issues in the market and the economy.

He stated the NSE would follow up on the federal government’s plans for the market.

He said that the vice president had given hope and confidence to the market community to overcome the challenges facing the market.

“We are going through difficult times no doubt but very soon we will see better times,” Aig-Imoukhuede stated.

Rasheed Yussuf, a stockbroker, said that the present government had taken some bold steps to strengthen the economy.

He called for proper interaction between the stock market community and the federal government to ensure growth and development of the economy.

Mr. Yussuf, who is also the Managing Director, Trust Yields Securities Ltd., urged Mr. Osinbajo to ensure the inclusion of one of the stockbrokers in the government economic team.

“We want to have one of us on the federal government economic management team to ensure friendly policies that will lift the market forward,” Mr. Yussuf said.

He said that most of the policies taken in the past were not investor friendly, noting that, the capital market was a barometer for any economy.

(NAN)


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