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SEC commits to bolstering Nigeria’s economy amidst reforms, says Yuguda

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The Securities and Exchange Commission (SEC) has voiced its commitment to back President Bola Tinubu’s sweeping economic reforms, aimed at revitalizing Nigeria’s economy and enhancing the quality of life for its citizens.

The Director-General of SEC, Lamido Yuguda declared on Saturday that the president’s reforms are designed to breathe new life into the nation’s economy and raise the living standards of Nigerians.

He emphasized that President Tinubu’s first day in office saw an impressive 5.23 percent surge in market capitalization at the Nigerian Exchange Limited (NGX), driven by an optimistic outlook for forthcoming market reforms.

Yuguda acknowledged that Nigeria faces several challenges stemming from demanding macroeconomic conditions, constrained consumer spending, and escalating operational costs. However, he noted that a shared sense of optimism persists, believing that the ongoing rigorous reforms will reinvigorate 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.

READ ALSO: President Tinubu recalls Nigeria’s High Commissioner to UK Ishola from duty post

Highlighting Nigeria’s impressive performance in the first half of 2023, Yuguda stated that the nation outperformed global indices in terms of gains in the all-share index (ASI) and market capitalization. This achievement signals a reflation of the economy.

Notably, on Tuesday, Nigerian stocks reached record highs as the all-share index soared.

The SEC Director attributed this remarkable performance to various factors, including “the appealing dividend yields offered by certain stocks, the recovery of corporate earnings, and a notable improvement in sentiments” among domestic retail investors.

Yuguda went on to point out that all indicators reflecting investor involvement, such as trading volume, total value, and the number of transactions, consistently demonstrated month-on-month increases throughout the first half of 2023.

Furthermore, he highlighted that the National Assembly is presently reviewing the Investments and Securities Bill (ISB) 2023. According to Yuguda, this legislative action will empower the capital market to play a more substantial role in national development.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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