Expert Urges InfraCo Listings On NGX To Boost Capital, Wealth

An economic expert and founder of Nairametrics, Mr Ugochukwu Obi-Chukwu, has called for the mandatory listing of companies executing major infrastructure projects in Nigeria on the Nigerian Exchange Ltd. (NGX).

He emphasised that such a move would boost capital formation for critical infrastructure development and promote wealth distribution across the country.

Speaking at a seminar organised by the Finance Correspondents Association of Nigeria (FICAN) in Lagos, Obi-Chukwu highlighted the transformative potential of leveraging the stock market to fund large-scale infrastructure projects.

The event, themed “Outlook for the Nigerian Economy in 2025,” brought together financial experts and stakeholders to analyse the country’s economic trajectory.

Obi-Chukwu underscored the importance of listing companies undertaking major projects, such as the Lagos-Calabar Coastal Highway, on the NGX.

He explained that such a move would unlock a new funding mechanism for infrastructure projects, enable public participation, and foster transparency and accountability.

“When these companies are listed, capital flows across the country, allowing Nigerians to invest and share in the collective wealth,” he said.

He further argued that listing infrastructure firms would democratise wealth creation, ensuring that the economic benefits from large projects are distributed among the wider population.

“If private companies execute large infrastructure projects without public involvement, wealth becomes concentrated among a few. Listing these companies on the NGX changes this dynamic and allows wealth to flow more broadly,” Obi-Chukwu noted.

Drawing comparisons with developed economies, he highlighted the need for Nigeria to grow its capital market, which he described as undervalued relative to the country’s economic size.

“Our capital market is currently valued at N60tn, compared to a GDP of over N200tn. In most developed economies, the value of the capital market often exceeds their GDP, largely because companies driving economic growth are publicly listed,” he said.

Obi-Chukwu concluded by urging policymakers to consider the mandatory listing of infrastructure companies as a strategy to enhance economic growth and ensure equitable wealth distribution.

He expressed confidence that such a move would contribute significantly to the development of the Nigerian economy.

Expert Urges InfraCo Listings On NGX To Boost Capital, Wealth is first published on The Whistler Newspaper