NGX to Tinubu: Champion capital market reforms that will boost economic growth

Umaru Kwairanga, chairman of the Nigerian Exchange Group Plc (NGX Group), has urged President Bola Tinubu to lead the capital market reforms that will drive the actualisation of his mandate of double-digit economic growth.

Kwairanga spoke on Wednesday, at the National Association of Securities Dealers Automated Quotations (NASDAQ) in New York.

In a statement by NGX Group, the chairman said under Tinubu’s leadership, “the country has made significant strides”.

“The removal of fuel subsidies and liberalisation of the foreign exchange market have boosted confidence in our capital market, with the Nigerian Exchange Limited’s all-share index surging by 29.04 percent since inauguration,” Kwairanga said.

Kwairanga added that the president’s effort, so far, represents success and significant opportunities lie ahead.

“The capital market is in more need of reforms that can further unlock increased prosperity for the Nigerian economy,” he said.

Speaking on the reforms, the chairman highlighted legislative adjustments that will make listing more attractive, urging the president to champion the policies.

Kwairanga also called for the deepening of pension reforms, and amendments to regulations governing free zone companies to facilitate their access to the capital market through listings.

He said Tinubu should work towards enacting policies to enable dollar-denominated transactions to unlock further capital into the country.

Kwairanga urged the US business community to explore more partnership avenues with Nigeria.