Tax Incentives Needed for More Listings on NGX

At a press conference in Abuja, Prof. Uch Uwalek, President of the Capital Market Academ (CMA), recommended that the Nigerian government implement fiscal incentives to promote the listing of more companies on the Nigerian Exchange (NGX).

Uwalek highlighted that only 146 Nigerian companies are currently listed, attributing this to a lack of incentives aimed at large indigenous companies and government-owned commercial enterprises. He proposed temporary tax incentives for companies undertaking initial public offerings, suggesting a reduction in corporate income tax from 30% to 25% for listed companies.

Uwalek emphasized that these incentives would strengthen corporate governance, improve transparency, and deepen the capital market, thereby expanding investment opportunities in Nigeria. He expressed optimism about the forthcoming unveiling of a new capital market master plan, which is expected to outline strategies for the next phase of the country's capital market development, contributing to economic diversification and infrastructure financing.