President Bola Tinubu has declared that the stumbling blocks to investments have now been removed and the country is very much open to investment.
He made this known during the closing bell of the Nasdaq stock market in New York which was monitored by Hmtv news. The U.S Chamber’s bell ringing ceremony with President Tinubu took place on the sidelines of the ongoing 78th session of the UN General Assembly.
Commending the U.S Chamber of Commerce as well as Nasdaq, Tinubu expressed his happiness at bringing a vibrant market to the doorstep of the United States, emphasizing that Nigeria is the “greatest economy” with significant investment opportunities.
He highlighted the removal of bottlenecks, such as oil subsidy and the stabilization of the exchange rate as measures that make Nigeria an attractive destination for foreign investors.
President Tinubu said, “We have removed a lot of bottlenecks. We have cleared the oil subsidy that is corrupt and we have also re-tooled the exchange rate to a reliable, dependable one figure floating of the exchange Naira. You are free to take in your money and bring out your money. I count on you to invest in Nigeria”.
Earlier in her remarks at the ceremony, Senior Vice President, Head of Listings and Revenues at Nasdaq, Karen Snow, whilst welcoming Tinubu and the Nigerian delegation, described Nigeria as a multi-ethnic and culturally diverse federation and the largest economy in Africa.
She noted Nasdaq’s longstanding partnership with the Nigerian Exchange and expressed Nasdaq’s commitment to supporting Nigeria’s growth. Earlier in her remarks at the ceremony, Senior Vice President, Head of Listings and Revenues at Nasdaq, Karen Snow, whilst welcoming President Tinubu and the Nigerian delegation, described Nigeria as a multi-ethnic and culturally diverse federation and the largest economy in Africa.
She noted Nasdaq’s longstanding partnership with the Nigerian Exchange and expressed Nasdaq’s commitment to supporting Nigeria’s growth.
The President, U.S-Africa Business Center at U.S Chamber of Commerce, Scott Eisner, said, “The U.S chamber of commerce has grown over a number of years and has set aside businesses across this country and across the world to open new doors and find new trading links and partners. We are so excited about the opportunity shared in the future of the U.S-Nigeria relationship.
“We stand for SMEs, the actual pillar that Nigeria is built on and with the President’s vision and his compassion for those investing in the community, I think we share a very bright future to achieve everything that he and our country have in the future.”
On his part, the Chairman of Nigerian Exchange Group Plc (NGX Group) Umaru Kwairanga, urged the president to lead the capital market reforms that will drive the actualization of his mandate of double-digit economic growth for Nigeria.
He noted that under President Tinubu’s leadership, the country has made significant strides and that the removal of fuel subsidies and liberalization of the foreign exchange have boosted confidence in the nation’s capital market.
with the Nigerian Exchange Limited’s All-Share Index surging by 29.04 per cent since inauguration.
He noted that while this represents success, significant opportunities lie ahead and the capital market is in more need of reforms that can further unlock increased prosperity for the Nigerian economy. Citing the reforms, the chairman highlighted legislative adjustments that will make listing more attractive and urged the president to champion the reforms.
The bell ringing symbolizes the significance of the economic ties between the U.S and Nigeria. Ranked second on the list of stock exchanges by market capitalization of shares traded, behind the New York Stock Exchange, the Nasdaq is the most active stock trading venue in the U.S by volume.