NGX visits Tinubu, seeks policies to deepen capital market

The Nigeria Exchange Group has commended President Bola Tinubu for his economic reforms.
Umaru Kwairanga, the group chairman of NGX, in a statement, said that the reforms had boosted investors’ confidence and significantly expanded the Nigerian capital market.
Mr Kwairanga said this when he led a delegation of the group on a courtesy visit to the president at the State House in Abuja on Tuesday.
He said the visit was to express appreciation for the president’s leadership and for the policy initiatives that had repositioned the economy.
He noted that reforms in the oil and gas sector, the foreign exchange market, as well as tax policy and administration, had stabilised the economy and attracted both local and foreign investments.
“The results are apparent in our capital market, where volumes and value have almost tripled since you took the oath of office as president and commander in chief two short years ago. We are happy and very grateful, but like true Nigerians, we want even more of the good things. That is why we wish to use this opportunity to make some requests,” he said.
The NGX chairman urged the federal government to introduce additional policies to broaden and deepen the market.
He said that, though vibrant, Nigeria’s capital market remained shallow when compared with its peers, with a market capitalisation of just one quarter of its GDP, against more than 100 percent in countries like South Africa and the U.S.
Mr Kwairanga called for the fast-tracking of listings of more state-owned enterprises, such as the Nigerian National Petroleum Company (NNPC) Ltd., and also for tax and regulatory incentives for listed companies.
He said this was to encourage more private firms to join the market. He noted that listed companies were bound to adhere to the highest corporate governance standards and should be rewarded with incentives for their diligence.
The NGX chairman also extended an invitation to Mr Tinubu to visit the trading floor of the exchange at a convenient time to celebrate his achievements, especially in the area of economic reforms.
Commenting on the visit, Mr Tinubu took to his official Instagram page (officialasiwajubat) as he said, “Nigeria’s capital market is now one of Africa’s strongest signals of reform, resilience, and opportunity. In just over two years, our markets have grown stronger, deeper, and more trusted. They are proof that investor confidence is back and that our reforms are working.
“In Brazil today, I hosted the leadership of the NGX Group, our Securities and Exchange Commission, and capital market operators. I assured them of our clear commitment: Nigeria will remain Africa’s premier investment destination, with rules that protect investors and reforms that unlock growth.
“We will continue unlocking capital, protecting investors, and driving innovation so that our economy works for every Nigerian and every investor.”
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

States
Two men arraigned for allegedly stealing N29.3 million from Polaris bank customer’s account
The bank was represented in court by Ayodeji Olupeka.

NationWide
Court orders parties to maintain status quo in Benue APC leadership suit
The Counsel to INEC, Oluwole Olukunle, however, said the commission had responded to the processes filed by the plaintiff.

NationWide
Farmers say insecurity, flooding responsible for June food inflation
Mr Oke commended the federal government’s efforts to improve food security and moderate inflation.

States
Stakeholders link illegal mining to security challenges in Kogi, Nasarawa
Mr Oyiguh said, “The health and well-being of residents should take precedence over the economic interests of government or private operators.”

Lagos
28 vessels conveying petroleum products, food items, others expected at Lagos ports
The NPA said the vessels are expected between July 16 and 26.

NationWide
Senate confirms ex-FUOYE VC, Fasina, as non-career ambassador
Mr Oshiomhole (APC-Edo North) opposed the former vice-chancellor’s immediate confirmation, citing sexual allegations against him.





