Nigerian tech founders are being deterred from listing on the local stock exchange because they do not understand how the listing process works, according to a report from Lagos-based law firm TLP Advisory.
The report finds that 53 of founders say they are not sufficiently aware of how the Nigerian Stock Exchange NGX listing process works. Only 21 would consider a listing at all - with many preferring to list abroad - and 46 would prefer to exit their investment via an acquisition.
"While some view NGX listing as theoretically viable, they lack clarity on practical requirements, timelines, or pathways to get there. NGX's limited engagement with the startup ecosystem deepens this challenge. None of the founders interviewed reported direct NGX outreach, educational sessions, or proactive communication about listing opportunities," the report found.