Economy
Weak Naira, Awareness Gap Stall Tech Startups’ IPOs on NGX—Survey
By Adedapo Adesanya
Nigerian tech startups have failed to carry out Initial Public Listings (IPOs) on the Nigerian Exchange (NGX) Limited largely due to the weakness of the Naira, according to a new survey carried out by TLP Advisory.
The new report Rethinking Funding & Exits: Nigeria’s Missing IPOs and the NGX is the first Nigeria-focused assessment of startup readiness for local listings.
The report shared with Business Post noted that systemic barriers prevent Nigeria’s high-growth startups from listing on the local exchange, posing a risk to long-term sustainability and local wealth creation in Africa’s largest economy, which also has the highest number of unicorns on the continent.
Despite the launch of the NGX Technology Board in 2022, which features easier rules, including the absence of a minimum profit and earnings benchmark and a lower free-float requirement, there have been no tech listings to date.
Meanwhile, in three years to 2024, “the NGX recorded over 10 listings with most of them from traditional sectors,” TPL said in the report.
The survey found that more than two-thirds of startups cited “currency and foreign exchange mismatch” as the reason for not listing on the local bourse.
“Early stage venture investors deploying dollars expect dollar denominator exits to avoid devaluation risks,” the report said, adding that “When 76.5% of Nigeria-funded startups hold dollar capital, exchange rate instability makes listing an exercise in foreign exchange risk management.”
Also, surveyed founders point to a clear knowledge gap as another reason, with a majority (53 per cent) stating they are not sufficiently aware of the NGX listing process. This information gap is compounded by exit preferences, with nearly half (46 per cent) favouring acquisitions, compared with about one in five (21 per cent) who would consider an IPO – many of whom aspire to list on foreign exchanges.
The TLP Advisory report found that structural challenges amplify the issue with majority (77 per cent) of funded startups raise in Dollars but earn revenue in naira, creating a strong incentive for offshore exits.
Furthermore, a minority cite market frictions: 26 per cent point to compliance costs and potential undervaluation, while a smaller share (16 per cent) highlight limited market liquidity as a key concern. Yet, there is appetite for a local solution, with around two in five (42 per cent) open to an NGX listing if the right reforms are in place, and more than half expressing positive sentiment overall.
TLP then urged the Nigerian Exchange to explore dual or cross-listing partnerships for startups with exchanges like NASDAQ, the London Stock Exchange AIM and the Johannesburg Stock Exchange.
Spwaking on the report, Ms Odunoluwa Longe, Co-founder of TLP Advisory, said: “With clarity, practical education and confidence-building – and by aligning regulators, founders, investors, and policymakers – we can turn the NGX into a genuine platform for growth-stage innovation and long-term wealth creation in Nigeria.”
On his part, Mr Adewale Yusuf, Founder and CEO of AltSchool Africa, emphasising the need for greater awareness, said, “The NGX needs to actively engage founders and use them as channels to show what’s possible on the exchange. Local investors also need to step in. Many of us don’t fully understand the process or requirements. By putting clear structures and educational support in place, founders can see exactly what it takes to list, and confidence in the local market will grow.”
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
