…NGX group Chairman urges Tinubu to champion capital market reforms
THUR, SEPT 21 2023-theGBJournal |The President of the Federal Republic of Nigeria, H.E. Bola Ahmed Tinubu has called on foreign investors to bring their capital into the country as his government is working on easing the free flow of capital.
Tinubu stated this just before he rang the Closing Bell of NASDAQ, New York, a ceremony organized by United States Chamber of Commerce, Nigerian Exchange Group Plc (NGX Group) and Nigerian Investment Promotion Council (NIPC). While addressing investors, the president noted that his administration is actively working on reducing bottlenecks to ease the free flow of capital for investors.
“It is not about if Nigeria is open for business, it is about who wants to do business with Nigeria. Our administration has moved the exchange rate regime to a managed float and removed fuel subsidy. I call on you to come and invest in Nigeria.”
At the same event, the Chairman of Nigerian Exchange Group Plc (NGX Group) Alhaji (Dr) Umaru Kwairanga, urged the president to lead the capital market reforms that will drive the actualization of his mandate of double-digit economic growth for Nigeria. “Under President Tinubu’s leadership, the country has made significant strides,’ said the Chairman. “The removal of fuel subsidies and liberalization of the foreign exchange market have boosted confidence in our capital market, with the Nigerian Exchange Limited’s All-Share Index surging by 29.04% since inauguration.
He noted that while this represents success, significant opportunities lie ahead and the capital market is in more need of reforms that can further unlock increased prosperity for the Nigerian economy. Citing the reforms, the chairman highlighted legislative adjustments that will make listing more attractive and urged the president to champion the reforms.
Kwairanga also called for deepening of pension reforms and amendments to regulations governing free zone companies to facilitate their access to the capital market through listings. He added that Tinubu should work towards enacting policies to enable dollar-denominated transactions to unlock further capital into the country.
The closing bell ceremony was part of events lined up in the NGX Roadshow, supported by Stanbic IBTC, CardinalStone Partners and Chapel Hill Denham. Kwairanga also nudged the US business community to explore more partnership avenues with Nigeria.
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