The Chairman of the Nigeria Exchange (NGX) Group, Umaru Kwairanga, has said that the reforms introduced by the administration of President Bola Tinubu has led to the tripling of volumes and value of transactions at the Nigerian capital market within two years.
This disclosure is contained in a statement issued by Kwairanga during a courtesy visit by the NGX Group to President Tinubu in Brazil, where he applauded the president for the reforms that has positively transformed the Nigerian economy and the capital market in particular.
Kwairanga noted that these reforms in the oil and gas sector, the foreign exchange tax policy and administration have stabilized the economy as well as enhanced investors’ confidence in Nigeria.
Kwairanga, in the statement, said, ‘’Let me begin by thanking your Excellency for the privilege of sparing some of your very valuable time to receive me and my team from the Nigeria Exchange Group. It is an honour that we very much treasure though we are not surprised, knowing that you are the most business-friendly President in the history of our nation.
‘’This is a thank you visit, Mr. President. We are here to appreciate your astute leadership and the reforms that you courageously instituted, which have positively transformed the Nigerian economy and the capital market in particular.
‘’The reforms in the oil and gas sector, the foreign exchange market tax policy and administration have stabilised the economy and instilled and enhanced local and foreign investors’ confidence in Nigeria. 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.’’
The NGX Group Chairman, who expressed the gratitude of the exchange, however, noted that like true Nigerians, they want more of the good things.
He said they are requesting for policies and initiatives that will broaden and deepen Nigeria’s capital market.
He said, ‘’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.
‘’Our request is for policies and initiatives that will broaden and deepen our capital market. The Nigerian capital market though very vibrant is still shallow compared to advanced economies and even its peers.
‘’Market capitalisation is still just one quarter of GDP compared to more than 100percent in countries like South Africa and the United States. We believe that such initiatives as fast tracking the listing of more state-owned enterprises like NNPC Limited will boost our market tremendously.
‘’We also are recommending tax and other incentives for listed companies as that will encourage and boost listings of other privately held companies. Our listed companies are bound to follow the highest standards of corporate governance and regulation and we think they should be rewarded for that diligence through attractive incentives.’’
Kwairanga said the NGX Group will be honoured to host the president on the floor of the Nigeria Exchange at a time convenient to him to celebrate his achievements, especially in the economic sphere.
Meanwhile, in a related development, the Director General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, had in a speech delivered during the meeting between President Tinubu and the NGX Group, said the Nigerian capital market is set to hit N300 trillion following the enactment of the Investment and Securities Act (ISA) 2025.
The legislation is expected to catalyze innovation, attract foreign capital, and expand the scope of financial instruments available to both institutional and retail investors.