President Bola Tinubu announced that Nigeria has removed barriers to investment and is now welcoming foreign capital. Tinubu spoke at the Nasdaq closing bell ceremony in New York, an event covered by Daily Sun. The ceremony coincided with the 78th session of the U.N. General Assembly.
Tinubu praised the U.S. Chamber of Commerce and Nasdaq, saying he was pleased to showcase Nigeria’s robust economy to the U.S. He cited the elimination of the oil subsidy and a stable exchange rate as factors making Nigeria an attractive investment destination.
“We’ve eliminated many barriers, including a corrupt oil subsidy, and stabilized the exchange rate,” Tinubu said. “Investors can freely move capital in and out of Nigeria.”
Karen Snow, senior vice president and head of listings and revenues at Nasdaq, welcomed Tinubu and the Nigerian delegation, describing Nigeria as Africa’s largest economy with a rich cultural diversity. She acknowledged Nasdaq’s longstanding relationship with the Nigerian Exchange and affirmed Nasdaq’s commitment to Nigeria’s growth.
Scott Eisner, president of the U.S.-Africa Business Center at the U.S. Chamber of Commerce, expressed excitement over future U.S.-Nigeria trade relationships, emphasizing the chamber’s support for small and medium-sized enterprises in Nigeria.
Umaru Kwairanga, chairman of the Nigerian Exchange Group PLC (NGX Group), called on Tinubu to spearhead capital market reforms aimed at achieving double-digit economic growth. He noted that reforms such as the removal of fuel subsidies and foreign exchange liberalization have already boosted investor confidence, as evidenced by a 29.04% surge in the Nigerian Exchange Limited’s All-Share Index since Tinubu took office.
Kwairanga added that while progress has been made, further reforms are needed to capitalize on existing opportunities and to make the Nigerian capital market more attractive to investors.
The event highlighted the importance of economic ties between the U.S. and Nigeria. Nasdaq ranks second in global market capitalization and is the U.S.’ most active stock trading venue by volume.
