Capital Market Experts Seek Tax Incentives To Attract Multinationals

Yemisi Izuora

Capital market experts have sought the introduction of incentives to attract the listing of multinationals on the nation’s bourse.

They advised government to introduce tax incentives so as to deepen activities in the Nigerian capital market.

Mr Ariyo Olushekun, the immediate past President, Chartered Institute of Stockbrokers (CIS), said the introduction of tax incentives would encourage listing of more companies on the Nigerian Stock Exchange (NSE).

Olushekun said the market growth would be sustained through the listing of new entities in the oil and gas and telecommunications industries.

He said the Federal Government should make certain considerations exclusive to the listed companies to increase more participation in the market.

The former CIS president said quoted companies could be exempted from payment of corporate tax to increase the number of companies listed on the exchange.

Olushekun said the market had suffered major setbacks due to monetary policies’ instability, fall in oil prices and security challenges.

He said it should be supported through friendly policies.

“Companies cannot be forced to list, but people will want to list if there are friendly policies by the government,” Olushekun said.

He also called for a speedy listing of the government privatised agencies to boost the market depth and increase in tradeable products.

Also, Mrs Oluwatoyin Sanni, the Group Chief Executive Officer, UBA Capital Plc, called for the introduction of tax holiday to promote the listing of telecommunications and other large firms.

Sanni urged the Federal Government to ensure the privatisation of the state-owned enterprises and their listing on the state exchange.

She also advised the government to continue with the key industry reforms embarked upon in the power and transportation sectors.

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