By Abibat Aliu
The Nigerian Exchange Limited (NGX) has announced that the new technology board (tech board) will target over N20 billion African tech sector, which has become fast-growing startups with over $4 billion in capital raising completed between 2015 and 2021.
At a webinar organised by the NGX to brainstorm on how to develop technology space with its new specialised listing board, the Chairman of NGX, Abubakar Mahmoud, said that Nigeria is home to several unicorns like Flutterwave, Andela, Jumia and Opay.
Represented by NGX board member, Erelu Angela Adebayo, Mahmoud said with the valuation of technology players, the Nigeria capital market is well positioned to strengthen and redefine the sector as an attractive destination for technology companies.
With the theme ‘Enabling the Next Wave of Growth for Technology Companies in Africa’, both the public and private sector professionals expressed optimism that the launch of NGX Technology Board would encourage more tech listings to contribute substantially to the growth of Nigeria and the African technology sector.
Mahmoud said NGX would continue to support the growth of the next wave of technology companies by stimulating the capital market, providing a platform for tech companies in Nigeria and Africa to access capital while providing exit opportunities for all investors.
He pointed out that the next wave of growth of home-bred technology companies needs to be anchored on sustainability, agility, collaboration and digital innovation, assuring that these are elements the NGX represents.
Director General, Securities Exchange Commission (SEC), Lamido Yuguda, who was represented by Executive Commissioner, Operations, Dayo Obisan, noted that with the several developments recorded in the technology space, Africa has the brightest potential for tech and innovation.
He argued that the continent’s ability to determine its future digitally must be accelerated by strengthening technological capabilities and leveraging opportunities to grow tech companies.
“Africa has the potential to grow into a technological giant with the right enablement and SEC will support laudable initiatives aimed at improving on the capacity of our market to develop a robust ecosystem for the Nigerian capital market,” he said.
Chief executive Officer, NGX, Temi Popoola said: “The exchange in conjunction with other major stakeholders, including SEC, Central Bank of Nigeria (CBN), Central Securities Clearing Systems (CSCS) and the Pension Fund Operations Association of Nigeria (PenOp) are working tirelessly to on-board a new asset class.
