Nigeria: ICT companies urged to list on stock market

Nigeria’s Communications and Technology Minister Omobola Johnson has again called on information, communications and technology firms in the country to list on the Stock Market in an effort to boost the economy.

Nigerian Stock Exchange (image source: file photo)

Johnson has urged Nigeria’s ICT companies to emulate Morvest, a provider of business support services and ICT solutions with about N1.6 billion (about US $ 10.1million) investment in Nigeria, which has recently listed on the exchange. She said that listing on the stock market would boost wealth accumulation in the country.

Speaking at the re-launch of Morvest Business Group in Abuja, Johnson said one of the reasons she wanted the companies listed was, that “this company is bringing value-added services” and added that others could follow quickly behind.

“Morvest has the capacity and expertise to transfer technology to African markets such as Nigeria, and so help address the technology gap currently preventing African businesses from competing effectively worldwide,” said Johnson.

According to the minister, “Value added companies like this have the capacity to create jobs, both skilled and unskilled jobs. It fits into the Transformation Agenda. We have a GDP that is growing without a commensurate growth in jobs and wealth creation. For an economy that is growing 7 – 10% per annum, there should be reflection of that growth in the creation of jobs and the creation of wealth.”

David Eto