Ahead of the second year anniversary of the Bola Tinubu administration this week, shareholders’ rights activists have commended the president for his courage and vision to implement audacious reforms that have helped to stabilise the economy and restore investors’ confidence on the long-term prospects of the Nigerian economy.
The shareholders, under the aegis of Association for the Advancement of Rights of Nigerian Shareholders (AARNS), said reforms undertaken by the Tinubu government have directly and indirectly made the investment environment better.
In a statement, President, of AARNS, Dr Faruk Umar, said Tinubu has demonstrated commendable awareness about the challenges bedeviling the Nigerian economy and the ways to resolve them.
According to him, while the reforms necessarily came with some negative consequences on the citizens and companies such as the increase in prices of goods and services and foreign exchange (forex) losses by companies, the reforms have helped to reset the economy’s fundamentals and position the country for sustainable growth.
He outlined that the stability in the forex market, the almost attainment of a single-window forex market, return of foreign investors and significant increase in foreign participation at the Nigerian stock market and generally positive corporate performance were indications of the success of the economic reforms.
He pointed out that the sustained positive performance of the Nigerian stock market since the advent of this government underscored investors’ confidence, noting that the stock market is regarded as a measure of economic direction.
Umar, who sits on the boards of many companies, said the banking recapitalisation has not only helped to strengthen banks, which have some of the largest shareholders’ base, but it has also deepened the stock market.
