Forex Reforms Attract Unprecedented Investments – NGX Boss
Dr Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX), says the foreign exchange reforms initiated by President Bola Tinubu has attracted unprecedented investments into the country.
Kwairanga said this in an interview with the news agency on Saturday in Gombe. He described the reforms as painful but necessary pathway to economic prosperity and development, which resulted to a unified and realistic exchange rate boosting investor confidence and attracting foreign direct investments in the country.
Kwairanga said that a lot of gains had been recorded in terms of improved foreign exchange accessibility, increased investor confidence and stronger foreign exchange inflows in the last two years.
This, he said, created a more market-driven system with greater private sector involvement, noting that barriers preventing inflow of foreign investments had been addressed with good policies aimed at ensuring long-term stability.
According to Kwairanga, the gains of the reforms are evident in the continued strengthening of the Naira and reduced reliance on the Central Bank of Nigeria (CBN) for foreign currency.
“When President Tinubu came into power, our market capitalisation was less than N30 trillion. As at today, we are N97 trillion which is three times the market capitalisation since he assumed leadership.
“This year alone, we have doubled our market capitalisation and I can tell you that in 2026, we will triple the feat we recorded in 2025.
“Only on equities, we are approaching N100 trillion. No analysis showed that we could achieve this feat under his leadership but because of the decisions he took, we have seen the results.
“The reform agenda though painful, is the game changer and the result is impacting positively on our economy,” he said.
Kwairanga said the reforms had transform the business landscape of the country and eased access to foreign exchange to support business growth within the country while creating jobs for youths.
“More companies have come in this year to be listed simply because the business environment has been provided by the government.
“Today, no organisation is running helter-skelter looking for foreign exchange.
“Companies who declared huge losses as a result of the currency devaluation have recovered and moved on.
“They are declaring huge profits, giving out good dividends and bringing in returns for the shareholders,” he said.
Kwairanga said the interest rate had gone down while foreign exchange reserve grew to a level that had never been achieved in the last 10 years.
He stated further that as a result of the reforms, inflation had reduced, and “I can tell you that better days are ahead of us.”
The NGX boss said part of the reforms involved leveraging technology in providing a simplified way to access and invest in Nigerian capital market.
According to Kwairanga, leveraging technology increases the retail investors at NGX from less than one million when the Tinubu assumed leadership to over six million now.
He said analysis of the new retail investors showed that 70 per cent of the population are youths, who are under 30.
Kwairanga urged Nigerians to support Tinubu’s initiatives to improve the country’s economy, strengthen the value of the Naira and sustain investment flow into Nigeria. US Private Credit Defaults Broaden Across Sectors, Rises to 5.7%
