• Business - Market Data
  • Updated: January 26, 2024

NGX drives N3.85 trillion funding for govt, corporates projects in 2023

NGX drives N3.85 trillion funding for govt, corporates proje

The Nigerian Exchange Limited (NGX) has stated that the stock market facilitated the raising of over N3.85 trillion by the government and corporate entities to fund various projects.

Acting Chief Executive Officer (CEO) of Nigerian Exchange Limited (NGX), Jude Chiemeka, stated this during an interview with the News Agency of Nigeria (NAN) on Friday in Lagos while discussing the NGX's contributions in 2023.

He said the figure demonstrates the stock market's critical role in facilitating capital formation and investment in the economy.

According to Chiemeka, the top five listed companies have paid the federal government over N362 billion in taxes, with N962 billion coming from dividends.

He said, “Our market continued to be resilient in providing stakeholders with a platform to raise capital and invest.

“Year to date, NGX has facilitated needed financing of more than N3.85 trillion in capital raised by governments and corporates across various asset classes.

“We remain committed to assisting issuers derive great value from their interactions with the market, by positioning ourselves as the African Exchange of choice.

“We will continue to adopt rules, aimed at improving the corporate governance of our listed firms.
“We also offer products and services that are tailored to the needs of investors in a fair and orderly market.”

This demonstrated, according to the CEO, the stock market's beneficial effects on government revenue and shareholder returns.

In her speech, Chiemeka discussed the NGX's dependability and resilience and mentioned the variety of investment opportunities the exchange offers.

These comprise fixed income, derivatives, stocks, mutual funds, exchange-traded funds (ETFs), and other exchange-traded products (ETPs), according to him.

He said that this shows how dedicated the NGX is to providing investors with a stable and effective platform that spans a range of asset classes.

The market's involvement in long-term innovation and investment, according to Chiemeka, demonstrates the exchange's commitment to developing a vibrant and adaptable capital market.

According to him, NGX made technology investments to promote its commitment to operational excellence and customer satisfaction while also guaranteeing investors a smooth and uninterrupted transaction experience.

Chiemeka clarified that the NGX is still a trustworthy platform for investors in light of the market's five-year returns.

“We have continued our advocacy efforts with the Nigerian government on behalf of our listed corporates on tax reforms, prioritisation of foreign exchange allocation, and stakeholder engagement.

"The Exchange’s support for listed companies extends to enhancing investor and customer understanding of the unique benefits and added assurance associated with investing in such companies,” he said.

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