NGX lists N1.7tr new issuance, $4b Eurobond in Q1

The Nigerian Exchange Limited (NGX) has listed new issuance and eurobonds worth N1.7 t and $4b on its platform in the first quarter of 2022. 
 
These issuances, listed across both the bonds and equities markets, are integral in deepening the market, improving liquidity and tradability, as well as increasing access to capital to fund growth initiatives.
 
Under the NGX’s bond market, the Federal Government of Nigeria dominated issuances, raising about N589.05b locally and listing $4b in eurobonds. Corporates also leveraged the low yield environment to fund expansion objectives and pursue debt refinancing, raising a total of N35.3b.
 
According to the exchange, the Nigeria Exchange Limited (NGX) started the year with the landmark listing of BUA Foods’ 18 billion shares listed at N40 per share, adding N720 billion to the NGX market capitalisation.
 

According to him, the exchange would deploy strategic initiatives to attract financial technology (Fintech) firms to the stock market, including launching of a Nasdaq-style board for the listing of tech companies.
 
“Today, there are lots of capital raising from tech companies globally. Our market can be a source to raise this capital. SEC has already taken the leadership. It will help to drive economic growth and mobilise capital from sectors of surplus to deficit,” Popoola said.
 
He added that the NGX would also accelerate the digitisation of its processes and operations to attract more investors, especially the millennials and youths, who are increasingly turning to alternative investment options. 
 
In addition, he said NGX would work to integrate the market to digital banks and other transactional channels in order to make the market a viable and accessible investment option to all investors.