Nigeria's CMAN urges tax incentives to boost NGX listings

Prof. Uche Uwaleke, president of the Capital Market Academics of Nigeria (CMAN), said recent macro‑economic reforms have improved investor confidence and lifted Nigeria’s stock‑market performance, with equity market capitalisation exceeding N150 trillion and year‑to‑date returns near 50 per cent. However, he noted that many households still face high living costs and limited access to credit, and argued that the true test of reforms is their impact on ordinary Nigerians.

Uwaleke called for the government to use the capital market more effectively to finance infrastructure through instruments such as sukuk and green bonds, and urged greater retail participation and more indigenous companies listing on the Nigerian Exchange (NGX). He proposed fiscal measures to encourage listings, including temporary tax incentives for initial public offerings and a reduction of the company‑income tax rate for listed firms from 30 % to 25 %. With only 146 companies currently listed, CMAN believes these steps would deepen the market, broaden investment opportunities and improve corporate governance.