The Chief Executive Officer of the Nigerian Stock Exchange, Oscar Onyeama, has demonstrated that the NSE under his watch will continue to strive to achieve the goal of $1 trillion (N155 trillion) market capitalization. The market capitalization is currently N10 trillion.
Speaking at the press conference on the market’s performance and 2013 outlook in Lagos yesterday, Mr. Onyeama called for further government support in order to ensure that the market realizes the grand ambition.
He said, “When we gave the target of $1tn market capitalisation in five years, it was an aspiration target. We were aware that a lot of things had to align to be able to achieve this, for instance; we depended on the regulation of the power sector and the quick passage of the Petroleum Industry Bill.
“And so, we need the support of government to ensure that the 16 companies that would come out of the power privatisation process would be listed on the NSE, and the same goes for the telecoms companies, we need government to assist in getting them to list their companies also.
“Government has to ensure that the right environment is there, and we appeal to the National Assembly to ensure quick passage of the PIB; because the oil and gas environment has generally been down owing to this. All these are the many drivers of the $1tn mark we plan to meet, we did not pull this figure from the air; it is achievable.”
On practical solutions to achieve the target he called on government to provide tax reliefs and incentives to companies who choose to list on the Nigerian Stock Exchange.
“We also use this opportunity to commend the Ministry of Finance for the pronouncement of the elimination of Value Added Tax, stamp duties,” he said.