Federal Government And NGX To Boost Tech Startup Listings

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In a bid to stimulate the growth of tech startups in Nigeria, the Federal Government, through the Ministry of Communications, Innovation, and Digital Economy, has announced plans to partner with the Nigerian Exchange Limited (NGX) on the newly established NGX Technology Board.

During a recent tech event in New York, themed “Invest in Africa’s Future – Let’s Talk About Exits,” the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, emphasised the need to diversify Nigeria’s economy away from its heavy dependence on oil. Tijani highlighted President Bola Tinubu’s commitment to promoting technology and innovation as a means to achieve this diversification.

Tijani pointed out that technology had played a pivotal role in improving financial inclusion and driving rapid economic development in Africa. He stressed the importance of investing in research and development; fostering an innovation culture, and supporting tech startups to harness the continent’s technological potential fully.

As part of its goals, the Ministry intends to create a conducive regulatory environment for fintech companies, enhance access to funding, improve digital infrastructure, facilitate the export of tech products and services, and collaborate with NGX to provide tailored listing options for startups.

Tijani expressed Nigeria’s openness to investments, with a focus on enabling technology companies to export their products, beginning with Africa and expanding globally.

At the same event, Temi Popoola, the Chief Executive Officer of NGX, reaffirmed the Exchange’s commitment to supporting the Ministry’s agenda and President Bola Tinubu’s goals. Popoola highlighted technology as a significant enabler of the capital market and affirmed NGX’s dedication to fostering innovation to attract a broader pool of investors; particularly established tech companies looking to list on its platform.

Popoola acknowledged the challenges surrounding listings; noting that the demand for private capital currently exceeds public capital. He mentioned ongoing discussions with the Securities and Exchange Commission (SEC) regarding potential changes to listing rules and regulations to address this issue.

In conclusion, NGX aims to remove barriers for tech startups to list on its exchange; anticipating strong investor interest when these startups take this important step.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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