The Association of Capital Market Academics of Nigeria (ACMAN) has appealed to the federal government to scale up efforts to alleviate difficulties faced by Nigerians due to petrol subsidy removal.

ACMAN president Uche Uwaleke said this in a news briefing on Wednesday in Abuja while assessing key policy measures rolled out by President Bola Tinubu in his first 100 days in office.

ACMAN is the umbrella body of lecturers and researchers in Nigeria’s university system, and the financial market industry committed to developing the Nigerian capital market through teaching, research and advocacy.

The event was held to offer suggestions regarding the effective implementation of the policies.

Mr Uwaleke commended the federal government for policies to end petrol subsidy and unify multiple exchange rates, saying that they seemed to boost confidence in the economy.

According to Mr Uwaleke, the two policies which defined the administration’s first 100 days in office were largely welcomed by both domestic and foreign investors.

“Nowhere has this confidence manifested better than the stock market, where the benchmark index (NGX ASI) hits the highest level ever in the history of the Nigerian stock market. It is over 68000 points with year-to-date returns now above 30 per cent,” stated Mr Uwaleke.

He added, “But these reforms have left in their wake unpalatable outcomes which have made life more difficult, especially for the ordinary Nigerian. The inflation rate is on the rise, with food prices largely unaffordable. There is evidence of declining economic activities with fewer vehicles on the roads and reduced work days in both private and public sectors.”

(NAN)