President Bola Tinubu has announced that Nigeria has cleared the path for investments and is now fully open to international investors. He made this declaration while participating in the closing bell ceremony at the Nasdaq stock market in New York, an event closely observed by the Daily Sun. The ceremony was held as part of the activities during the 78th session of the UN General Assembly.
President Tinubu commended the U.S. Chamber of Commerce and Nasdaq, expressing his delight at showcasing Nigeria’s vibrant market to the United States. He emphasized that Nigeria is the “greatest economy” with substantial investment opportunities.
Tinubu highlighted the removal of various obstacles, including the elimination of the oil subsidy and the stabilization of the exchange rate, as key measures that make Nigeria an appealing destination for foreign investors.
“We have eliminated numerous hindrances. We have eradicated the corrupt oil subsidy, and we have also fine-tuned the exchange rate to create a reliable, dependable single floating exchange rate for the Naira. You are free to invest and repatriate your investments. I count on you to invest in Nigeria,” stated Tinubu.
During the ceremony, Senior Vice President, Head of Listings and Revenues at Nasdaq, Karen Snow, welcomed President Tinubu and the Nigerian delegation. She described Nigeria as a multi-ethnic and culturally diverse federation and the largest economy in Africa. She also highlighted Nasdaq’s longstanding partnership with the Nigerian Exchange and Nasdaq’s commitment to supporting Nigeria’s growth.
Scott Eisner, President of the U.S.-Africa Business Center at the U.S. Chamber of Commerce, expressed excitement about the future of U.S.-Nigeria relations. He emphasized the U.S. Chamber’s dedication to fostering new trading links and partnerships and supporting Small and Medium-sized Enterprises (SMEs).
Umaru Kwairanga, Chairman of Nigerian Exchange Group Plc (NGX Group), urged President Tinubu to lead capital market reforms that align with his mandate for double-digit economic growth in Nigeria. He noted that under President Tinubu’s leadership, the nation has achieved significant milestones, particularly in the removal of fuel subsidies and the liberalization of foreign exchange, boosting confidence in the country’s capital market.
The bell-ringing ceremony symbolizes the strength of economic ties between the U.S. and Nigeria. Nasdaq is the second-largest stock exchange in the world by market capitalization of shares traded, behind the New York Stock Exchange, making it a vital venue for stock trading in the United States.
