Johnson tasks ICT firms on Stock Exchange listing

Information and Communication Technologies (ICT) companies have been urged to list their trades on the Nigerian Stock Exchange (NSE), just as telecom sector grows at an average of 23 per cent, thereby contributing about 8.3 per cent to the Gross Domestic Product (GDP).

The Minister of Communication Technology, Mrs Omobola Johnson made these call and disclosures at a forum organized by the Nigerian Stock Exchange tagged ‘’The NSE: Creating Wealth-Sustaining legacies’’ said that companies have a lot to gain from getting listed on the Exchange.

DigitalSENSE Business News learnt that Mrs. Johnson told participants at the forum that the telecoms sector is the fastest growing sector of the Nigerian economy.

Also, she disclosed that telecoms sector has in the last five years growing year-on-year at an average of 22-23 per cent and contributes 8.3 per cent to GDP as at second quarter (Q2) of 2013.

Mrs. Johnson further said that it is now appropriate that many more Nigerians should benefit from this success through the increased public ownership of these companies that will happen when they are listed on the stock exchange.

DigitalSENSE Business News recalls that the aim of the forum held at the NSE’s headquarters in Lagos was to highlight the benefits that companies, especially those operating in the telecoms and oil and gas sectors could derive from listing on the NSE.

Lately, there has been calls for more companies especially those operating in the telecoms sector to get listed on the Stock Exchange to further deepen the capital markets, ensure the long term sustainability and engender the survival of Nigerian companies beyond their original founders and enhance transparency and corporate governance of companies operating in Nigeria.

Additionally, the Minister noted at the forum that the Stock Exchange is an important avenue for the Initial Public Offerings (IPOs) of ICT companies created through incubation centres and accelerators such as the newly established iDEA centres that are situated in Lagos and Tinapa (Calabar) and are expected to create at least 25 successful companies in the next two to three years.

These companies are expected to be initially funded through venture capital funds who will need viable options to exit from these companies as and when due. In her remarks, the Coordinating Minister of the Economy, Mrs Ngozi Okonjo Iweala, credited the telecoms sector for contributing to GDP, creating jobs, enabling innovation among others.

She urged telecoms companies to get listed on the Stock Exchange to make Nigerians active participants in the success of Nigeria’s telecommunications revolution.

In his comments, the President of the NSE, Alhaji Aliko Dangote urged companies to tap into the wealth generating potential of the NSE to create wealth for their businesses and grow the Nigerian economy.

He commended Mrs. Johnson for her effective supervision of the Communication Technology industry which he emphasized now contributes twice what the manufacturing sector contributes to Nigeria’s GDP.

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