The Chairman of NGX GROUP, Dr. Umaru Kwairanga, has made a fervent appeal to the Federal Government of Nigeria, urging them to spearhead legislative adjustments and reforms aimed at enhancing the appeal of listings on the Nigerian Exchange Limited (NGX).
This call comes against the backdrop of a recent wave of delistings from the NGX, which has raised concerns about the competitiveness of the Nigerian capital market.
Dr. Kwairanga made this significant statement during the prestigious Closing Bell ceremony held at NASDAQ in New York.
The event was jointly organized by the United States Chamber of Commerce, Nigerian Exchange Group Plc (NGX GROUP), and the Nigerian Investment Promotion Council (NIPC).
The ceremony was a highlight of the NGX Roadshow, generously supported by Stanbic IBTC, CardinalStone Partners, and Chapel Hill Denham.
During his address, Dr. Kwairanga also extended an invitation to the U.S. business community to explore greater partnership opportunities with Nigeria.
He emphasized that these partnerships could be pivotal in ushering in a new era of prosperity for both nations.
Highlighting the urgency of the situation, Dr. Kwairanga underlined the need for comprehensive reforms within the Nigerian capital market.
He stated, “The capital market is in need of reforms that can unlock increased prosperity for the Nigerian economy.”
These reforms, he suggested, should encompass a wide range of areas, including the pension sector and amendments to government free zones, to facilitate easier access to the capital market through listings.
One of the most notable developments Dr. Kwairanga pointed out was the recent removal of fuel subsidies and the liberalization of the foreign exchange market in Nigeria. He credited these moves for boosting confidence in the capital market, leading to remarkable results.
According to him, “The Nigerian Exchange Limited’s All-Share Index has surged by 29.04% since President Bola Tinubu’s inauguration.”
This call for reform and enhanced attractiveness of listings on the NGX echoes the concerns of market stakeholders who have seen several companies opt for delisting in recent times.
Dr. Kwairanga’s plea for government action is seen as a positive step towards revitalizing the Nigerian capital market and ensuring that it remains a competitive destination for investors.
As Nigeria continues to position itself as a key player in the global economic landscape, the appeal for legislative adjustments and reforms, as articulated by Dr. Kwairanga, could be a pivotal moment in shaping the future of the nation’s capital market.
Investors and stakeholders alike will be keenly watching for any developments in response to this call to action.
