Nigerian Stock Exchange Raise N3.85 Trillion For Government and Corporate Projects in 2023 - NGX Acting CEO

The acting Chief Executive Officer of the Nigeria Exchange Limited (NGX), Mr Jude Chiemeka, has revealed that the stock market contributed to raising over N3.85 Trillion to finance different government and corporate entities' projects.

Chiemeka, the acting CEO, made this known during an interview with the News Agency of Nigeria (NAN) on Friday, January 26, 2024, in Lagos. During this interview, he provided insights into the stock exchange's various contributions.

He said that the N3.85 trillion demonstrates the significant role that the NGX plays in enabling capital formation and investment in the economy.

Chiemeka further noted that the substantial tax contributions made by the top five listed companies amounted to over N362 billion to the federal government, with dividends of N962 billion paid.

He said,

• Our market has resiliently provided stakeholders a platform to raise capital and invest. Year to date, NGX has facilitated the needed financing of more than N3.85 trillion in capital raised by governments and corporations across various asset classes.

• We remain committed to helping issuers gain tremendous value from their interactions with the market by positioning ourselves as the African Exchange of choice. We will continue to adopt rules to improve our listed firms' corporate governance. We also offer products and services tailored to investors' needs in a fair and orderly market.

The CEO said that all the positive results show the importance of the NGX to the Nigerian government and investors who trade stocks on its platform.

He also discussed the resilience and reliability of the NGX, and he highlighted the diverse opportunities that the Exchange has provided, which he said include equities, fixed income, derivatives, and other exchange-traded products (ETPs) like Mutual Funds and exchange-traded funds (ETFs). He attributed all these to the NGX's commitment to offering a robust and efficient platform where both old and new investors can trade and build their portfolios.

The acting CEO told NANS that the market's long-term investing and innovation role reflects the Exchange's dedication to fostering a dynamic and responsive capital market. He further maintained that the investments in technology by NGX aimed at ensuring a seamless and uninterrupted transaction experience for investors underscore the Exchange's commitment to operational excellence and customer satisfaction.

Chiemeka explained that, following returns recorded by the market in the last five years, the NGX remains a dependable platform for investors.

He praised the Exchange for the returns it has recorded in the past five years, and he calls on investors to invest in equities as the NGX remains a dependable platform.

He said,

• We have continued our advocacy efforts with the Nigerian government on behalf of our listed corporations 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.