Nigeria has been courting Flutterwave to list on the NGX since 2023. Can it afford the fintech?

Nigeria has been lobbying Flutterwave, its most valuable startup, to list on the Nigerian Exchange (NGX) since 2023. The government believes a high-profile IPO could energise the country’s capital markets and attract other startups to follow suit. But with Flutterwave’s profitability in question, a stock exchange that favours cash-heavy businesses, and a bigger issue—whether the NGX can…