- Kebira noted that various reforms implemented under Tinubu’s leadership have strengthened investor confidence
- He credited the enhanced investor sentiment to critical economic policy decisions made by the president
- Kebira also commended the enactment of the Investment and Securities Act 2025
Aruna Kebira, the Managing Director of Globalview Capital Ltd., has praised President Bola Tinubu’s administration for its positive impact on the Nigerian capital market.
Eko Hot Blog reports that Kebira noted that various reforms implemented under Tinubu’s leadership have bolstered investor confidence and contributed to strong market performance, despite prevailing economic challenges.
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He said over the past two years, the Nigerian capital market has experienced notable growth, with benchmark indices appreciating by over 100%. Key indicators such as the Nigerian Exchange’s All-Share Index (ASI) have risen by more than 40%, while the total market capitalization of listed equities has increased by 138%.
“These numbers point to a strong bullish trend in the market, underpinned by reforms implemented by the Tinubu administration,” he said.
He credited the enhanced investor sentiment to critical economic policy decisions made by the president which include the floating of the naira and the elimination of fuel subsidies.
Kebira acknowledged that these policy choices caused temporary difficulties for citizens, but emphasized that they were vital for restoring macroeconomic stability and fostering a conducive environment for investment.
“The reforms have not only restored confidence but also encouraged the return of foreign portfolio investors to the market,” he said.
He further highlighted the Central Bank of Nigeria’s (CBN) recapitalization directive for banks, which has deepened the stock market and fortified the banking sector.
Kebira said government bond issuances, such as the first US Dollar Domestic Bond and Eurobond in over a decade, have contributed to market depth and assisted in bridging infrastructural and budget deficits.
Kebira also commended the enactment of the Investment and Securities Act (ISA) 2025, stating that it is expected to further invigorate the market through diversified assets, strengthened regulation, improved investor protection, and support for digital and commodity markets.
“The new ISA empowers sub-national governments to raise funds from the capital market, which is a significant milestone,” he said.
Kebira attributed the early stock market rally, which saw its best single-day performance in over two years following President Tinubu’s inauguration, to the president’s inspiring speech and decisive policy announcements.
However, Kebira acknowledged that Nigeria’s broader economy continues to grapple with substantial challenges, including escalating inflation, currency volatility, and heightened operating costs for businesses and citizens.
“While the capital market has benefited from these reforms, they have come at a steep cost to the average Nigerian, with high prices in fuel, electricity, transportation, and food,” he said.
Kebira highlighted the struggles faced by small and medium-sized enterprises (SMEs) due to high operating costs resulting from policy changes. Some SMEs have been forced to close or leave the market as a result.
To address these challenges and spur economic growth, Kebira urged the government to prioritize critical issues such as electricity supply and security. Addressing these concerns would significantly improve food production and industrial growth, ultimately contributing to Nigeria’s overall development.
While President Tinubu’s economic policies have created a favorable environment for the capital market and attracted investors, Kebira emphasized the need to consider the social and economic impacts of these policies for sustainable development.
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