Nigeria to pass capital market bills within months

Nigeria's parliament is gearing up to pass crucial legislation aimed at attracting more investments into the capital market. This move comes in the wake of the planned listing of major companies such as Dangote refinery and fertilizer companies on the Nigerian Exchange (NGX) this year. In an exclusive interview with CNBC Africa, Osita Izunaso, Chairman of the Senate Committee on Capital Markets and Institutions, revealed that the parliament is committed to expediting the passage of pending bills within the next three months. During the interview, Izunaso emphasized the significance of encouraging companies in Nigeria to get listed on the Nigerian Stock Exchange. He stressed that listing on the exchange not only fosters transparency but also plays a vital role in curbing issues like tax evasion. Izunaso underscored that listing on the exchange is crucial for the overall growth of both the economy and the companies themselves. One of the key focal points of the conversation was the timeline for passing the legislation. Izunaso highlighted that several bills had already gone through the 9th Assembly and were being revisited for approval. He assured that the process of passing these bills would be swift, estimating that it would not take more than two to three months to finalize them. The bills are currently under consideration in the House of Representatives, with plans for subsequent concurrence in the Senate. In reaffirming the parliament's commitment to this endeavor, Izunaso projected that within the next three months, significant progress would be made in enacting the proposed legislation. This proactive approach is expected to create a more favorable investment climate and drive economic growth in Nigeria. The upcoming legislative initiatives hold the promise of streamlining regulatory frameworks, enhancing investor confidence, and ultimately attracting more capital into the Nigerian capital market. Through these efforts, Nigeria aims to position itself as a competitive investment destination and bolster the growth trajectory of its corporate sector.