September 21, 2023

Tinubu rings closing bell at NASDAQ in US

Tinubu rings closing bell at NASDAQ in US

President Bola Tinubu

—Assures investors of free movement of funds

By Johnbosco Agbakwuru

President Bola Tinubu on Wednesday honoured the invitation of the National Association of Securities Dealers Automatic Quotation System (NASDAQ), to ring it’s closing bell at the second world’s largest stock exchange in New York, United States of America.

This was in furtherance to the President’s determination to aggressively attract foreign direct investments into the country.

Tinubu’s ringing the bell at NASDAQ made his the first African leader to do so at the second largest stock exchange market in the world.

A statement issued by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, explained that the President, surrounded by Nigerian business leaders and officials of the Nigerian Stock Exchange, in trademark fashion, did not fail to seize the opportunity presented by the historic moment to boldly advance his foreign investment push as he stood, live, in front of financial markets at the famous stock exchange.

According to the statement, “It’s a great honour for me to be here. I am happy to bring Nigeria to your doorsteps and I am honoured that we are here today with a bubbling Nigerian stock market that will evolve in the West African sub-region. The greatest economy in Africa is Nigeria, there is an immense opportunity in Nigeria where you can invest your money without fear.”

The President noted that his government continued to address longstanding problems and impediments, such as his work to restore and unify the foreign exchange rate market to a stable and trustworthy level, allowing new investors to seamlessly bring their money into the country, free of worries about whether or not they can take their money out at any point in time.

“You’re free to take in your money and bring out your money. I count on you to invest in Nigeria,” the President exclaimed under the lights.

At the Nigeria-U.S. Executive Business Roundtable held just after the closing bell, the President  assured prospective investors that while he recognized that investment capital was cowardly in nature, he intentionally brought successful Nigerian industrialists and public officials to share their experiences and operational plans respectively, in addition to all that he has already done to boost the confidence of the global investment community in Nigeria’s presently reforming fiscal, monetary, regulatory and tax policy environment.

“Nigeria is an opportunity that is impossible to replicate or find elsewhere in any part of the world. We have brilliant young people who both innovate and consume at a large scale. Our entrepreneurial spirit is a major part of what makes our market totally unique, aside from demography. Nigerians build businesses and Nigerian businesses partner with other businesses to conduct larger business. There is enough value to spread around. Be careful of what you hear about Nigeria. You may be dissuaded out of a major opportunity that others will take up. We are here for you. We will give you all the support you need to succeed and succeed abundantly,” the President assured the roundtable as he pointed out cabinet officials.

On behalf of the American Government, U.S. Deputy Treasury Secretary, Wale Adeyemo, told U.S. business leaders that he was just a few hours removed from arriving in New York from Lagos, Nigeria, where he was on an official visit that later became a fact-finding mission.

“In Lagos, I saw first hand some of the major reforms you implemented as the Governor of Lagos and the transformative effect it has had on Nigeria’s commercial capital. People have attested to the fact that the reforms you have put in place as President are quickly enhancing confidence. American business is paying attention to that and from what we have seen for ourselves, Nigeria is proving to be a new frontier for investment. We will encourage our companies from our end as those reforms continue to deepen,” Mr. Adeyemo said.