Business

List MTN, other technology firms, Minister advises NSE

MTN-LOGO1

By Ebenezer Adaramodu

Th Minister of Science and Technology, Mr. Ogbonnaya Onu has advised the Nigerian Stock-Exchange (NSE) to consider listing more information and technology based firms on the stock exchange to increase and speed up the economic growth of the nation.

Onu stated this at the floor of the exchange while commissioning the NSE data center, adding that Nigeria had been relying heavily on crude oil.

He said that the economy had depended on the mineral resources, hence, when a decline in price of commodities in the international market occured, the country fell into recession and that the present government was working very hard to driving the economy of the nation towards a knowledge-based through innovation.

“We want the Nigerian Stock Exchange to consider listing more technology firms that can help us to grow the SMEs industry because it’s an area of economic growth.

“The government of President Muhammadu Buhari and the Federal Ministry of Science and Technology are working very hard to change that direction, we want to move our economy to a knowledge-based economy; that is innovation-driven, so that if there is any sharp drop in the price of commodities in the international market, it will not necessarily affect our economy, we have many initiatives by the Federal Ministry of Science and Technology to help us in this journey.”

As part of the deal to pay a N330 billion fine in cash to the Nigerian government for missing the deadline to disconnect 5.2 million subscribers not registered, MTN Nigeria agreed to list its shares on the Nigerian Stock Exchange.

Recently, reports have it that MTN moved a step closer to have its shares listed on the NSE this year.

MTN General Manager, Nikiwe Tsaagane, disclosed this report on a courtesy visit to Onu, adding that the move will help to improve the Nigerian economy through technology.

“It is going to offer important role in capital market as it will be one of the largest transactions in Africa. This will showcase Nigeria in the global economy if we can achieve it.

“The transaction is structured by ensuring that it’s data based and inclusive as we ensure that our Nigerian customers are able to participate,”  Tsaagane said.

Tsaagane noted that when processing the listing on the stock exchange, there would be limited application of paper work and majority of the efforts would be digitalized.

“So we are working with the Nigeria Stock Exchange to develop application platform to make our customers  able to apply online.

“Here will be first place of doing such digital application,” he added.

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