National Wire About Nigerians, Nigerian Business and Other Stories
The Africa Capital Forum at Peninsula London on Wednesday witnessed a significant address by Alhaji (Dr) Umaru Kwairanga, Chairman of the Nigerian Exchange Group (NGX), who expressed optimism about Nigeria’s economic prospects.
Speaking on the theme “From Stabilisation to Capital Mobilisation,” Kwairanga highlighted Nigeria’s remarkable turnaround under President Bola Ahmed Tinubu’s administration.
Kwairanga who attributed the country’s economic stabilisation to the tough decisions taken by the President and his economic team, said this has impacted in the lives of all Nigerians in the short term.
He cited key indices presented by Central Bank of Nigeria Governor, Dr. Yemi Cardoso, as evidence of the country’s progress.
The NGX Chairman pointed to the Nigerian stock market as a testament to the reforms’ success. The All Share Index has grown by 261% since President Tinubu took office, from 55,808 to 201,474. Market capitalisation has surged by 325% to N129.32 trillion, with trading volume and value increasing four-fold.
”The All Share Index when President Tinubu took over was 55,808. Market Capitalisation was N30. 388trillion . Trading volumes were very low. Three years on, the All Share Index crossed a historic 200 000 mark to settle at 201,474 , a 261% gain. Market capitalisation has increased to N129.32 trillion, a 325% increase. Trading volume and value have increased four fold. In the case of the Nigerian capital market, we have not only stabilised, we have grown tremendously.
”We have not only stabilised, we have grown tremendously,” Kwairanga declared, outlining plans to triple the Nigerian capital market’s indices in the next two years.
He announced upcoming listings, including the Dangote Refinery and Petrochemical Complex, and expressed confidence in President Tinubu’s vision to expand Nigeria’s economy to a trillion-dollar economy by 2030.
Kwairanga urged investors to consider Nigeria a prime destination and safe haven for their assets in Africa, citing the country’s vast potential and growing capital market.
His remarks underscore Nigeria’s progress and optimism, positioning the country as an attractive investment opportunity.
