Manufacturers Association of Nigeria (MAN) has disclosed plans by the members to list their share on the Nigerian Stock Exchange (NSE).Already, three members of the group are currently working out modalities with the exchange to fasttrack every listing requirement.
The Director General of the association, Segun Ajayi-Kadir, during the Association’s Bell Riging Ceremony at the exchange in Lagos on Wednesday assured that more members had also indicated interest to list their shares on the market.
He expressed the member’s readiness to leverage opportunities in the stock market to raise capital and access cheap funds for expansion and increased productivity.
He added that the association ‘s partnership with the NSE would expose the members to the need to list on the exchange, grow the sector and the economy.
“Iam here with my team to start a good working collaborating relationship with the NSE. We see it as a window that is available to our members to take care of their major challenges which are to access funds because we believe that by collaborating with NSE, those members will be able to list their shares on the stock exchange and be able to raise some capital.
“During our AGM recently, NSE made a presentation on the benefit of listing on NSE and presently, three of our members are already working with NSE to list on the market. I can assure you that many more companies are coming to list on NSE.
“We will sensitise them to get involved on the NSE. There is a big opportunity for manufacturing companies listed on the NSE. With the economy in recession, if there is anything anybody can do to get us out of recession, let it be done.
“I belief that our collaboration with the NSE will address these issues as this will help us grow the manufacturing sector which in turn will grow the economy and this is how we can get out of recession.
“We are happy that the exchange rate is coming down but the challenges in respect to accessing FOREX is worsening due to what is happening in the international market as regards the crude oil price and the activities of militants in the Niger Delta.
“Right now, the country’s foreign reserve is going down steadily and therefore there is no enough money to put into the foreign exchange market. We know that government and CBN are doing the best but there are some difficulties we are encountering but we are working together with CBN on how they can be resolved.”