A NASDAQ-style bourse is coming to Nigeria

Looks like Africa’s most populated country and biggest economy is gradually [or increasingly] taking cognizance of the potential value enclosed within its tech space, and is on the lookout for ways to TAP THAT.

The country is, after all, the tech startup capital of the continent, and takes the lion share of Africa’s venture funding virtually every other year. Mind you, Nigeria has minted the most unicorns in the region and is home to many of the continent’s “pan-Africanist startups”.

Some related facts...

Nigeria was the first African country to roll out a central bank-backed digital currency (CBDC). It has followed nations like Tunisia, Senegal, and Kenya to introduce a startup-focused regulatory framework, now working on the Nigerian Startup Bill (NSB). Nigeria is also the first African nation to de-platform Twitter, something it did to the micro-blogging app for 222 days.

The point is? In another effort to make do with its tech economy, the Nigerian Stock Exchange has said it is looking to create a technology board that would enable digitally-driven companies in the country to list locally, seamlessly, and profitably.

Nigeria has one of the most beleaguered stock exchanges in Africa. Despite having the most number of companies listed and being the continent’s largest economy, South Africa, Egypt, Kenya, and even Morocco all surpass Nigeria in terms of stock market capitalization. The chief culprit? Inflation!

To get more context on the development, follow this link to read: Nigeria’s Shortchanged Stock Exchange Turns To Tech Startups For Local IPOs.

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