Kwairanga:  Capital Market Excited about Tinubu’s Policies, Stocks Soaring

Kayode Tokede

The Chairman of Nigerian Exchange Group Plc (NGX Group), Umaru Kwairanga has said that the capital market has shown strong enthusiasm towards the policies of President Bola Tinubu going by the positive performance recorded in the past month.

Kwairanga said this during the 62^nd Annual General Meeting of NGX Group held in Lagos. According to him, “The market’s performance has been very impressive and I am hopeful that it will continue on the upward trajectory. This is because we have a new President that understands the economy and financial markets very well and this is evident in the policies he introduced these early days into the administration.”

Commenting on some of the economic policies of the current government, Kwairanga admitted that the measures taken recently by the government, though painful in the short-term, would have positive effects in the long term that will allow Nigeria hit its potential. “It is like deciding to forego nursing a serious wound with non-prescription drugs in favour of a surgical procedure that will bring about a long-lasting healing,” Kwairanga explained.

“The remarkable upsurge in our market index, a feat unparalleled in recent times, serves as a clear indication of the market’s enthusiastic embrace of the new government and its early policies. The NGX All Share Index, market capitalization and turnover, have all witnessed significant growth. NGX Group and its stakeholders are, therefore, pleased with the new administration and pledge our support for its efforts to advance Nigeria”.

Speaking on the market’s expectations from Tinubu’s administration, he emphasized the importance of adopting friendly policies that not only generate wealth for Nigerians but also create opportunities for the government to raise capital for developmental initiatives. Kwairanga called for a revitalization of the government’s privatization policy, highlighting the potential benefits of introducing private sector efficiency to various government enterprises, which in turn, would enlighten Nigerians about the investments opportunities in them. “On the NNPC Limited IPO, we are hopeful that the Tinubu administration will expedite its progress”.

Furthermore, Kwairanga anticipated a continuation of the Ease of Doing Business initiatives and stressed the significance of consistency and the faithful implementation of announced policies, as it will significantly improve businesses and individuals’ ability to plan and thrive.