The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar Onyema has called on companies in the health sector to access the Nigerian capital market for funds and enjoy the many benefits the exchange offers.
Speaking in Lagos, at the NSE CEO quarterly dinner organised for operators in the health sector, which was attended by the Minister of Health, Prof. Onyebuchi Chukwu, Onyema said out of the over 130 registered pharmaceutical products manufacturers in Nigeria, eight have been listed on the NSE. He added that of the 1,400 healthcare providers in Nigeria, only two have been listed, while only one medical supplier has been listed out of 790 in the country.
He said listing on the NSE would not only improve the prospects of the these companies but will also contribute significantly to the growth of the Nigerian economy.
Highlighting some of the benefits of listing on the NSE, Onyema said companies would have access to long-term capital for growth and expansion.
â€œWhen you list, you become a member of a global
platform that affords brand visibility and credibility enhancement. Listing also gives the opportunity for initial investors to realise some or all of their investment, just it also leads to reduction of financial burden and risk spreading among shareholders,â€ he said.
The Managing Director of one the listed companies, May & Baker Nigeria Plc, Mr. Nnamdi Okafor, said listing the company on the NSE had added significant value the company.
According to him, May & Baker has gone to great lengths to improve value for its shareholders as it invested heavily in the construction of a world class pharmaceutical manufacturing facility which enhanced its asset holding by an additional N4 billion.
Okafor said the company has undertaken several major investments in recent period through its internally generated revenue and borrowed funds, noting that the recovery in the capital market provides opportunity to better funding through the market.
â€œWith the recovery in the capital market it is our hope that more conducive funding windows will be available to us and we shall count on the support of the NSE and other operators in the capital market if we decide to approach the market,â€ he said.