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)