The Securities and Exchange Commission (SEC) has pledged to support President Bola Tinubu’s economic reforms.
SEC Director General Lamido Yukuda in a statement on Saturday said the reforms are aimed at revitalizing the country’s economy and improving the quality of life of Nigerians.
On the first day of the presidency, Yuguda said there was a remarkable 5.23 percent rise in market capitalization at the Nigerian Exchange Limited (NGX), driven by „optimistic anticipation of market reforms.”
„It is true that challenges arising from demanding macroeconomic conditions, restrained consumer spending and rising operational costs remain,” he said.
“Despite these challenges, there is a shared sense of hope that the ongoing drastic reforms will revive the country’s economy.
„Therefore, I pledge the firm support of the capital market to the Central Government to navigate these challenges for the bright future of the country.”
Nigeria has outperformed global indices in the All Share Index (ASI) and market capitalization in the first half of 2023, a sign that the economy is on the mend.
On Tuesday, Nigerian stocks rallied The all-stock index hit its all-time high.
The SEC boss attributed the performance to several factors, including „attractive dividend yields offered by some stocks, recovery in corporate earnings and significant improvement in sentiment among domestic retail investors.”
„All indicators reflecting investor engagement – including volume, value and number of transactions – have demonstrated consistent month-on-month increases throughout the first half of 2023,” he said.
Yuguda said the National Assembly is currently reviewing the Investments and Securities Bill (ISB) 2023, which he said will help the capital market play a more significant role in national development.
He said the road ahead was „undeniably challenging” while calling on capital market operators to „move forward” and „make sacrifices” to drive the country’s economic transformation.