The Nigerian Stock Exchange has called on the Nigerian government to prioritise the listing of the proposed N15bn infrastructure development company fund on the stock exchange.
The Chief Executive Officer of NSE, Oscar Onyema, said this on Thursday during a virtual Businessday digital dialogue series, ‘New Perspective on Asset Allocation and Behavioural Finance in Volatile Markets.’
According to Onyema, if listed on the NSE, it would enhance transparency, effective reporting as well as increase retail participation in the public-private partnership.
The Infraco fund is an initiative of the Central Bank of Nigeria approved last month by the federal government in a bid to stimulate infrastructural development across the country.
Onyema said, “One recommendation to the government from the capital market would be the expansion of the framework of PPP for infrastructure development. For instance, prioritising the incorporation of the CBN’s infrastructure company on subsequently listing its N15tn fund on the NSE for effective reporting and other global fund management standards.”
He noted that the government should also ensure regulatory forbearance on pandemic alleviation schemes such as reduction of tax burdens for already compliant organisations, mainly listed companies, and delay implementation of any new taxes at the federal and state levels.
In terms of the economy and the current state of the NSE, he said, “The COVID-19 pandemic has resulted in a decline in oil export earnings which accounts for over 80 per cent of Nigeria’s export earnings and remittances by Nigerians in the diaspora.”
