President Buhari commends demutualisation of NGX

The Federal Government says it will continue to listen, engage and collaborate with the Nigerian Exchange Group (NGX) and the private sector with the aim to improving lives and transforming Nigeria’s economy.

President Muhammadu Buhari, made this assertion during the unveiling of the NGX’s brand and closing bell ceremony at the end of trading on Tuesday.

Buhari while commending the Board and Management of the NGX on its recent demutualisation of Nigeria’s stock market said that it will project the NGX to a new realm and commitment to Africa’s financial market as a leading capital market infrastructure provider which will connect Nigeria, Africa to the rest of the world. 

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He noted that this will make Nigeria’s stock market more globally competitive like many of its peers in the global economy, adding that Nigerians deserve congratulations for the demutualisation feat as it is the beginning of a new era for the capital market.

“The history of the exchange is tied to the nation itself as it was founded 61 years ago, a year after Nigeria gained independence. The exchange continues to play its part in nation building by stimulating economic growth. Our administration will continue to listen, engage and collaborate with the private sector with the aim of improving lives and transforming our nation. This is a proud moment for all of us and has brought about the democratisation of important institutions such as the exchange” Buhari said.

In her remarks at the occasion, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said due to the COVID-19 pandemic, Nigeria has been forced to adjust its comparatively domestic economic forecast, adding that all hands must be on deck to build a resilient Nigeria in the face of significant long term challenges and uncertainties.

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Ahmed said the demutualisation of the exchange,  a landmark transaction that generated intense global interest, was critical for the development of the Nigerian Capital Market (NCM) as it will enable the exchange give new strategic partnerships, achieve capital raising flexibility and improve its operational efficiency with a view to accomplishing its vision of becoming Africa’s leading capital market infrastructure.

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