Sunday, September 7, 2025
24.9 C
Lagos

FG, NGX to Drive Startup Listings with Tech Board

The Federal Government through the Ministry of Communications, Innovation and Digital Economy has said it intends to collaborate with Nigerian Exchange Limited (NGX) to stimulate startup listings with the newly created NGX Technology Board.

The Minister of Communications, Innovation and Digital Economy, Bosun Tijani, stated this during a tech event themed; Invest in Africa’s Future- Let’s talk about exits- a joint initiative by the Ministry, NGX, and Future Africa in New York, supported by Stanbic IBTC, CardinalStone Partners and Chapel Hill Denham on Thursday, 21 September 2023.

Tijani noted that Nigeria had been grappling with its over dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like the oil industry often requires increasing productivity in other sectors. According to him, this can be achieved through the application of technology and innovation, something the current leadership of President Bola Tinubu is particular about.

Listing his goals and ambitions, Tijani said the Ministry will work on creating a regulatory environment for fintechs, access to funding especially from angel investors, improve digital infrastructure, facilitate the export of tech products and services and collaborate with NGX on tailored listing options for startups via its Technology Board. The Minister said, “We cannot do all of this as a country if we do not prioritise innovation and encourage entrepreneurs to build. Nigeria is now open to investments. We want to prioritise the ability of our technology companies to export products and we are targeting Africa first and then eventually start selling to the rest of the world”.

At the same event, the Chief Executive Officer, NGX, Temi Popoola, stated that the Exchange will work assiduously to support the agenda of the Honourable Minister and the mandate of President Bola Tinubu. Whilst stating that technology is a big enabler of the capital market, Popoola said that NGX is keen on fostering innovation in the capital market, potentially to attract a larger pool of investors and mature tech companies to list on its platform.

Explaining the challenges around listings, he stated that the demand for private capital currently outweighs public capital while revealing that the NGX is in discussions with Securities and Exchange Commission (SEC) on private markets to enable the exchange do business with non-listed companies like startups.

“We will continue to do a lot of work that makes us able to attract local capital and the day tech start-ups come to the exchange, we are confident that there would be very good audience of investors that would want to own a bit of their shares. This is what we at NGX are doing by removing all barriers for that to happen,” the CEO said.

Also speaking at the event was the CEO, Flutterwave, Olugbenga Agboola who noted that his company is focused on the Nigeria project as most of its investible capital had been deployed to Nigeria since inception. He added that the company would be looking at tapping opportunities created by the markets to scale and further deliver value to its customers and investors.

The CEO, Chapel Hill Denham, Mr Bolaji Balogun while delivering his remarks expressed optimism that the Nigerian investment community gets the opportunity to participate in the capital formation going on in the tech sector, rather than all the intellectual property that will emanate from it being controlled by foreign markets.

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Stanbic IBTC vis-à-vis Banking Industry Compliance, Corporate Governance Practices

At a recent function in Abuja, the Managing Director/CEO...

NAICOM, Abuja Metropolitan Council to Partner on Compulsory Insurances

The Management of Abuja Metropolitan Management Council (AMMC) led...

NCC Executive Commissioner Decries Impact of Multiple Taxation in Nigeria

Mr. Adeleke Adewolu, the Executive Commissioner, Stakeholder Managament at...

Telecom M&A, Digital Convergence Lead Deal Activity in Africa

TMT Finance is teaming up with IHS Towers, the...

Remittance to Africa Hits $35.2bn in 2015, 3.4% Rise

In 2015, money transfers by African migrants to their...

‘African Businesses Should Embrace Cross-border e-Commerce’

Cross border e-commerce continues to provide significant growth opportunities...

NCDMB, UBEC Ink MoU on Smart Schools Initiative

The Nigerian Content Development and Monitoring Board (NCDMB) and...

Leadway Successfully Contains Hackers’ Attempt to Breach Network

Leadway Assurance Limited said it detected a potential threat...
spot_img

Related Articles

Popular Categories

spot_imgspot_img