Tinubu’s Economic Reforms Will Rejuvenate Economy, Says SEC
Festus Akanbi
The Securities and Exchange Commission (SEC) has commended the ongoing multilayered economic reforms by the administration of President Bola Tinubu.
SEC, Nigeria’s main regulator of the capital market, said the new dispensation is capable of rejuvenating the economy and improving the standard of living of Nigerians.
This was revealed in a statement released by the commission at the weekend.
As quoted in the statement, the Director General of SEC, Mr. Lamido Yuguda, said the remarkable 5.23 percent surge in market capitalisation at the NGX on the first day in office by President Bola Tinubu was driven by optimistic anticipation of market reforms.
Yuguda said: “It is a fact that there are prevailing challenges arising from demanding macroeconomic conditions, constrained consumer spending, and rising operational costs.
“Despite these challenges, there remains a shared sense of optimism that ongoing rigorous reforms will rejuvenate the nation’s economy.
“I therefore pledge the resolute support of the Capital Market to the Federal Government in navigating these challenges for the country’s brighter future.
Yuguda stated that Nigeria had outperformed global indices on gains in the All Share Index (ASI) and market capitalization in the first half of 2023, an indication that the economy is being reflated.
He cited that the exceptional performance is attributed to several factors, such as; the appealing dividend yields offered by certain stocks, the recovery of corporate earnings, and a notable improvement in sentiments among domestic retail investors.
“All the indicators reflecting investors’ involvement – including volume, value, and the number of transactions – had demonstrated consistent month-on-month increases throughout the first half of 2023”. He said.
He also stated that the Investments and Securities Bill (ISB) 2023 which aims to align regulations with the modern dynamics of the market is presently being considered by the 10th National Assembly and expressed the hope that if passed into law, it will enable optimal contribution of the capital market to national development.
He acknowledged that the road ahead is undeniably challenging, stating that the capital market must step forward in whatever way to lend its helping hand to the current economic reforms.
The director-general added that the market must make sacrifices to help drive the economic transformation that will change the nation’s fortunes for the better.
