Tinubu rings NASDAQ closing bell

President Bola Tinubu, on Thursday, rang the bell at the National Association of Securities Dealers Automated Quotation System (NASDAQ), advancing his foreign investment push in front of financial markets at the famous stock exchange.

Tinubu, while performing the task in the company of some Nigerian business leaders and officials of the Nigerian Exchange Ltd. (NGX), said Nigeria is the right place to invest money without fear.

“It’s a great honour for me to be here. I am happy to bring Nigeria to your doorstep and I am honoured that we are here, today, with a bubbling Nigerian stock market that will evolve in the West African sub-region.

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“The greatest economy in Africa is Nigeria. There is an immense opportunity in Nigeria, where you can invest your money without fear,” he said.

He said his government would address longstanding problems and impediments, such as the recent economic policies taken since the assumption of office in May.

He said these include restoration and unification of the foreign exchange rate market to a stable and trustworthy level.

Meanwhile, Group Chairman, NGX Group, Alhaji (Dr) Umaru Kwairanga, said Nigeria’s post-pandemic recovery already positions it as a compelling destination for global investment, driven by a resilient non-oil sector. He said Nigeria has made significant strides under President Tinubu’s leadership.

“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% since inauguration.

“Market capitalisation has also gained N8.57tn within the same period. Turnover of trades generated within the first 100 days of the administration, about N405.76bn, represented 45% of the total YTD turnover during the period, based on renewed demand and policymaking clarity. However, significant opportunities lie ahead,” he said.

He opined that the potential for mutual growth between the US and Nigeria is substantial, stressing that dual listings offer a strategic avenue for collaboration.