The Securities and Exchange Commission (SEC) has pledged
support for the economic reforms of President Bola Tinubu.
Lamido Yuguda, SEC director-general, in a statement on
Saturday, said the reforms are intended to revitalise the country’s economy and
improve the standard of living of Nigerians.
Yuguda said on the president’s first day in office, there
was a remarkable 5.23 percent surge in market capitalisation at the Nigerian
Exchange Limited (NGX), driven by “optimistic anticipation of market reforms”.
“It is a fact that there are prevailing challenges arising
from demanding macroeconomic conditions, constrained consumer spending, and
rising operational costs,” he said.
“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 said Nigeria outperformed global indices on gains in
the all-share index (ASI) and market capitalisation in the first half of 2023,
an indication that the economy is being reflated.
On Tuesday, Nigerian stocks gained as the all-share index
hit its highest level ever.
The SEC boss attributed the performance 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.
Yuguda said the national assembly is currently reviewing the
Investments and Securities Bill (ISB) 2023, which he said will enable the
capital market to play a more significant role in national development.
He said the road ahead is “undeniably challenging” while
calling on capital market operators to “step forward” and “make sacrifices” to
help drive the country’s economic transformation.
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