The Nigerian Exchange Group (NGX) has applauded President Bola Tinubu for the series of economic reforms introduced under his administration, describing them as instrumental in restoring investor confidence and expanding the nation’s capital market.
We gathered that Dr. Umaru Kwairanga, Group Chairman of NGX, made this known on Tuesday when he led a high-powered delegation of the Exchange on a courtesy call to the President at the State House, Abuja.
He explained that the visit was primarily to commend Tinubu for his leadership and acknowledge policy directions that have repositioned the economy. According to him, reforms in oil and gas, the foreign exchange market, and tax administration have contributed to stabilising the economy while attracting fresh 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,” Kwairanga said.
The NGX chairman urged the Federal Government to roll out additional policies that would further broaden and deepen Nigeria’s capital market. He stressed that while the market had become more vibrant, it remained shallow compared to other economies, with a market capitalisation standing at only a quarter of GDP, against over 100 per cent in places like South Africa and the United States.
He proposed fast-tracking the listing of more state-owned enterprises, including the Nigerian National Petroleum Company Limited (NNPC Ltd.), and introducing tax as well as regulatory incentives to encourage more private firms to enlist.
Kwairanga added that listed companies, being bound by strict corporate governance principles, should also benefit from such incentives in recognition of their compliance and transparency.
The NGX boss further extended an invitation to President Tinubu to visit the Exchange’s trading floor at a suitable time to celebrate his administration’s achievements, particularly in driving economic reforms.
Responding to the visit via his official Instagram handle (@officialasiwajubat), President Tinubu remarked, “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.”
