FPIs: Nigeria is now open to investments, Tinubu tells foreign investors

…rings Nasdaq Stock market closing bell

By Chinwendu Obienyi

President Bola Tinubu has declared that the stumbling blocks to investments have now been removed and the country is very much open to investment.

Tinubu made this known during the closing bell of the Nasdaq stock market in New York which was monitored by Daily Sun on Wednesday (9pm Nigerian time). The U.S Chamber’s bell ringing ceremony with President Tinubu took place on the sidelines of the ongoing 78th session of the UN General Assembly.

Commending the U.S Chamber of Commerce as well as Nasdaq, Tinubu expressed his happiness at bringing a vibrant market to the doorstep of the United States, emphasizing that Nigeria is the “greatest economy” with significant investment opportunities.

He highlighted the removal of bottlenecks, such as the corrupt oil subsidy and the stabilization of the exchange rate as measures that make Nigeria an attractive destination for foreign investors.

Tinubu said, “We have removed a lot of bottlenecks. We have cleared the oil subsidy that is corrupt and we have also re-tooled the exchange rate to a reliable, dependable one figure floating of the exchange Naira. You are free to take in your money and bring out your money. I count on you to invest in Nigeria”.

Earlier in her remarks at the ceremony, Senior Vice President, Head of Listings and Revenues at Nasdaq, Karen Snow, whilst welcoming Tinubu and the Nigerian delegation, described Nigeria as a multi-ethnic and culturally diverse federation and the largest economy in Africa. She noted Nasdaq’s longstanding partnership with the Nigerian Exchange and expressed Nasdaq’s commitment to supporting Nigeria’s growth.

For his part, the President, U.S-Africa Business Center at U.S Chamber of Commerce, Scott Eisner, said, “The U.S chamber of commerce has grown over a number of years and has set aside businesses across this country and across the world to open new doors and find new trading links and partners. We are so excited about the opportunity shared in the future of the U.S-Nigeria relationship.

We stand for SMEs, the actual pillar that Nigeria is built on and with the President’s vision and his compassion for those investing in the community, I think we share a very bright future to achieve everything that he and our country have in the future”.

The bell ringing symbolizes the significance of the economic ties between the U.S and Nigeria. Ranked second on the list of stock exchanges by market capitalisation of shares traded, behind the New York Stock Exchange, the Nasdaq is the most active stock trading venue in the U.S by volume.