The Nigerian Exchange Group Plc has urged the Federal Government, led by President Bola Tinubu, to develop stronger pro-market policies to boost Nigeria’s credit profile.
The organization’s chairman, Mr. Umaru Kwairanga, promised attendees at its Annual General Meeting on Friday in Lagos that the business would collaborate with the government to accomplish this.
“As a group, we are committed to working with the government to stimulate further economic growth and address higher capital costs, as this will go a long way to improving Nigeria’s credit profile and creating an environment that is favourable for both domestic and foreign investors,” he said.
He applauded the numerous reforms implemented by this administration that led to the market’s excellent success.
“The significant development in our market indicators shows that the capital market community is optimistic about the new government and the initiatives it has made to date to improve the economy.
But Mr. Kwairanga pointed out that in order to promote growth, the federal government needs to adopt more pro-growth market policies because doing so will enable enterprises to flourish.
Its total revenue increased principally as a result of revenue growing by 6.8% to N6.2 billion and other income growing by 30.1% to N1.3 billion.
The increase in treasury investment income of 51.2% and the increase in transaction fees of 9.0% both contributed to revenue growth. But because to interest payments on borrowed money utilized for strategic acquisitions, its overall expenditures increased by 35.5% to N8.8 billion.
“Our aim continues to be fundamentally based on achieving an effective capital mix and expanding our access to financing.
“The board will keep working with the management team to address long-term risks, build the NGX brand globally, and monitor our progress toward being Africa’s preferred exchange.”
He welcomed the new board members and praised the contributions made by the departing board members to the expansion and improvement of the organization.
The NGX Group’s Group Chief Executive Officer, Mr. Oscar Onyema, praised the group’s success and said it demonstrated the company’s dedication to advancing the development of the capital markets in Nigeria and Africa.
