NAN-HE-24
Listing
By Chinyere Joel-Nwokeoma
Lagos, Oct. 19, 2016 (NAN) The Manufacturers Association of Nigeria (MAN) on Wednesday said it was ready to work with the Nigerian Stock Exchange (NSE) to ensure listing of its members on the nation’s bourse.
Dr Frank Jacobs, MAN President, said this in Lagos when fielding questions from journalists after sounding the closing bell on the NSE.
Jacobs said that three of its members were already working with NSE to list their shares in the market.
“During our Annual General Meeting (AGM) recently, the Exchange made a presentation on the benefits of listing on NSE and presently, three of our members are already working with NSE to list on the market.’’
He said that the association would sensitise its members on the need to seek listing on the exchange.
Jacobs said that the exchange offered a lot of opportunities for listed manufacturing companies to grow.
“There is a big opportunity for manufacturing companies listed on the NSE.
“With our economy in recession, if there is anything anybody can do to get us out of recession, the person should do it.’’
Jacobs explained that the association’s collaboration with the Exchange would boost the manufacturing sector and the economy at large.
He described the Exchange as a window that would enable members tackle funding challenges with access to fresh capital through quotation.
“We see NSE as a window that is available to our members to take care of their major challenges which is access to funds.
“We believe that by collaborating with NSE, members will be able to either list into the stock exchange and when they do, will be able to raise some capital.
“I believe that our collaboration with the NSE will help us grow the manufacturing sector which in turn will grow the economy and this is how we can get out of recession.’’
On the Naira exchange rate, he said that the association was happy that it was coming down gradually.
He said that access to foreign exchange was worsened by drop in oil price at the international market and the activities of militants in the Niger-Delta.
He said that the development had affected the country’s foreign reserve.
Jacobs said that government and the Central Bank of Nigeria (CBN) were trying their best to grow the economy in spite of the challenges.
He said that the association was working with the apex bank on the way forward to difficulties being faced by the real sector. (NAN)
JNC/MO/YAZ
Edited by Morayo Omolade/Yusuf Zango