Major listing by BUA Foods Plc, Federal Government and Access Corporation among others has pushed the Nigerian Exchange (NGX) Ltd to N51.13trn ($111bn) combined market capitalisation for equities and Fixed Income but the capital market is eyeing more revenue opportunities for the next administration.
Temi Popoola, the Chief Executive Officer of the NGX made the disclosure during the investor call and NGX Market Outlook for 2023 on Wednesday.
“There were listing of some strong names on NGX in 2021. Equity capitalisation rose by 25.20 per cent from N22.29trn in 2021 to N27.92trn in 2022 and Fixed Income market capitalisation grew by 17.58 per cent from N19trn to N23.21trn in 2022,” Popoola said during his presentation.
Performance of the equities market reveals that BUA made the biggest listing of N720bn in 2022, Access Corporation listed N355.67bn while Femi Otedola’s Geregu Power Plc listed N250bn.
Performance in the Fixed Income market was driven by N2.56trn listing by the Federal Government.
The Lagos Free Zone listed N25bn, while Dangote Cement listed N303.58bn.
According to Popoola, the listings boosted the NGX Market Capitalisation to N52.13trn by the end of 2022.
“The Technology Board is an initiative that we have worked on. In 2022 SEC approved the rules for the Technology Board and we are happy to execute on that this year.
“Our rules as currently set up are not necessarily favourable to technology companies. They have different approaches. So, this Board is essentially a separated Board where we try to take a look at our rules and try to make them fit for the purpose of making them attractive to technology companies,” Poopola said.
On the 2023 outlook, he said that there are major issues that the new government after the General Elections will face.
According to him, the local Bourse is “positioning itself as a platform of support for the new administration” with regard to revenue generation.
The CEO said the capital market will help the new administration on the tax receipts.