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The Ministry of Communications, Innovation, and Digital Economy has announced its collaboration with the Nigerian Exchange Limited (NGX) to promote startup listings through the newly established NGX Technology Board.
In a statement released by NGX on Friday, Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, made this announcement during a technology event titled “Invest in Africa’s Future – Let’s talk about exits.” The event was a joint initiative of the Ministry, NGX, and Future Africa, held in New York.
Minister Tijani highlighted Nigeria’s need to reduce its dependence on oil, especially in light of recent challenges in the oil sector. He emphasized that diversification requires enhanced productivity in other sectors, which can be achieved through the application of technology and innovation.
Tijani outlined his ministry’s objectives, which include creating a regulatory environment for fintech companies, facilitating access to funding, especially from angel investors, improving digital infrastructure, promoting the export of tech products and services, and collaborating with NGX to develop tailored listing options for startups through the NGX Technology Board.
He stated, “We cannot achieve all these goals as a country without prioritizing innovation and encouraging entrepreneurs to build. Nigeria is now open to investments. We aim to prioritize the capacity of our technology firms to export products, focusing on Africa initially, and eventually expanding to the global market.”
During the same event, CEO of NGX, Temi Popoola, expressed the exchange’s commitment to supporting the minister’s agenda and President Bola Tinubu’s mandate. Popoola emphasized the significant role of technology in the capital market and NGX’s dedication to fostering innovation to attract a broader range of investors and established tech companies to list on the platform.
Discussing the challenges surrounding listings, Popoola noted that the demand for private capital currently surpasses public capital. He disclosed that NGX is in talks with the Securities and Exchange Commission to explore private markets, allowing the exchange to engage with non-listed companies, including startups.
Popoola concluded by stating that NGX is committed to removing barriers that hinder startups from listing on the exchange, with the aim of creating an attractive environment for local capital and investors interested in tech startups.
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