APA – Lagos (Nigeria)
President Bola Tinubu of Nigeria has called on foreign investors to bring their capital into Nigeria as his government is working on easing the free flow of capital.
Speaking before he rang the Closing Bell of NASDAQ on Wednesday in New York, a ceremony organized by the United States Chamber of Commerce, Nigerian Exchange Group Plc (NGX Group) and the Nigerian Investment Promotion Council (NIPC), Tinubu noted that his administration is actively working on reducing the bottlenecks hindering 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,” he said.
In his remarks at the event, the Chairman of the Nigerian Exchange Group Plc (NGX Group), Alhaji Umaru Kwairanga, urged President Tinubu 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,’’ he said.
According to him, the removal of fuel subsidies and liberalization of the foreign exchange market have boosted confidence in the Nigerian 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.
The statement by the NGX said that 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.
Kwairanga also nudged the US business community to explore more partnership avenues with Nigeria.
“The closing bell ceremony was part of events lined up in the NGX Roadshow, supported by Stanbic IBTC, CardinalStone Partners and Chapel Hill Denham,” the statement added.
GIK/APA
President Tinubu rings closing bell at NASDAQ, assures Nigeria is open for investment
