The federal government should award contracts only to construction companies listed on the Nigerian Exchange Limited (NGX) to enable broader wealth distribution to Nigerians.
Chief Executive Officer of Nairametrics, Mr. Ugodre Obi-Chukwu, who made the assertion, noted that there should be mandatory listing of companies executing major infrastructure projects in Nigeria, including the Lagos-Calabar Coastal Highway, on NGX.
Speaking at a seminar hosted by the Finance Correspondents Association of Nigeria (FICAN) in Lagos, themed, “Outlook for the Nigerian Economy in 2025,” Obi-Chukwu highlighted that listing such companies on NGX would significantly enhance capital formation for critical infrastructure development and enable broader wealth distribution across the country.
Obi-Chukwu explained that when infrastructure companies are listed on NGX, it would unlock a new funding avenue for projects while allowing the public to invest and share in the collective wealth.
He stated: “For a lot of the projects going on in Nigeria now, such as the Lagos-Calabar Coastal Highway and other government infrastructure projects, the companies executing those projects for the government should be made to list on NGX, because when they list, capital flows across the country.
“By making these companies accessible to the public through the stock market, Nigeria could benefit from increased transparency and accountability in how projects are financed and executed.”
He also pointed out that such listing would ensure that Nigerians could receive dividends from these projects, allowing them to partake in the country’s economic growth
Obi-Chukwu stressed that private companies executing large infrastructure projects without significant public involvement could result in a concentration of wealth among a few.
“However, if these companies were listed on NGX, the wealth generated would be more widely distributed. “Once you do that, you will see a change in how the economy is growing, and you will see how wealth flows around the country,” he said.