Authorities at the Nigerian Capital Market say there is a projected plan to grow the market’s indices three-folds in the next two years as the economy continues to stabilise and experience steady growth.
The Chairman of the Nigerian Exchange Group, NGX, Umaru Kwairanga, said that the several long years of strained finances when Nigeria’s economy was strained by low investor confidence, foreign exchange scarcity, declining manufacturing and over reliance on volatile crude oil exports have fast become a thing of the past.
He noted that President Bola Tinubu’s first term in office brought a much needed turnaround with the stock market showing the positive impact of the reforms put in place by the President and his economic team.
While giving his remarks at the Africa Capital Forum at Peninsula London, with the theme ‘From Stabilisation to Capital Mobilisation’, Kwairanga stated that the tough decisions taken by this administration had impacted on the lives of all Nigerians in the short term.
“The All Share Index when President Tinubu took over was 55,808. Market Capitalisation was N30. 388trillion. Trading volumes were very low. Three years on, the All Share Index crossed a historic 200 000 mark to settle at 201,474 , a 261% gain. Market capitalisation has increased to N129.32 trillion, a 325% increase. Trading volume and value have increased four fold. In the case of the Nigerian capital market, we have not only stabilised, we have grown tremendously.”
The NGX boss stated that the capital market has lined up a number of exciting listings that will focus on growing the market’s indices to the targeted three- folds in the next two years.
He said that the market was banking on the listing of the Dangote Refinery and Petrochemical Complex by the middle of this year as well as President Tinubu’s intention to expand Nigeria’s economy to a trillion dollar economy by the year 2030.
While reflecting confidence that the capital market will reflect the projected growth, he acknowledged that getting to that target requires enormous capital from within and from outside the country.
Kwairanga then encouraged participants to see Nigeria as a prime investment destination and a safe haven for their assets in Africa.