• Sunday, June 16, 2024
businessday logo

BusinessDay

NGX mulls fiscal-category incentives for listed corporates

NGX lauds Neimeth for enhancing operations, restoring investor confidence

Nigerian Exchange Limited (NGX) says it plans to work with the government on the introduction of fiscal category incentives as well as advocacy for listed companies on their challenges.

Temi Popoola, Chief Executive Officer, NGX, disclosed this during the Closing Gong Ceremony held in honour of the new Chief Executive Officer, Dangote Cement Plc, Arvind Pathak in Lagos on Wednesday.

In his remarks, Popoola attributed the staggering growth of the Nigerian capital market recently to increased focus, emphasis on regulation and the return of investors’ confidence in the market due to the policies implemented by President Bola Tinubu.

He further explained that the ability to raise capital for smaller corporates will drive the growth of the nation’s economy while adding that to unlock capital, there is a need to tap into retail investment.

According to Popoola, NGX is strategically working with the government on attracting more listings to its platform among other objectives. “It is very clear that the government needs as much support as it can get. So, we are working with all stakeholders: the SEC, other exchanges, just across the market to address key challenges around wealth creation and revenue generation.

Read also: NGX says harmonised regulations, infrastructure will drive Africa’s competitiveness in global market

“Currently, we are working through a plan tagged ‘fiscal-type incentives for listed corporates’ as Nigeria is one of the few geographies where a listed company can barely point at any tangible fiscal thing that they enjoy by being listed. We will also be engaging corporates to further identify their pain points and amplify that with the government.”

He thereafter commended the performance of Dangote Cement Plc in its 2022 financial numbers and stated that the Exchange is keen to continue working with more stakeholders in the industry.

Responding, Pathak stated that having made giant strides in its debt capital market journey, Dangote Cement Plc is optimistic about its future growth and strategy prospects. The new CEO said the company is looking forward to fostering a partnership with the Exchange on evolving ways to promote the growth of the Nigerian Capital Market while providing additional value to its unwavering shareholders.