Tinubu rings NASDAQ closing bell in US

As part of the Executive Business Dialogue, which was hosted by the Nigerian Investment Promotion Council, Nigerian Exchange Group Plc, and the United States Chamber of Commerce, President Bola Tinubu rang the closing bell at the NASDAQ in New York, United States, on Wednesday.

The business discussion is one of the Non-Deal Roadshow events organized by the NGX Group to aid the new administration’s attempts to pique international investors’ interest in the Nigerian economy.

“The Non-Deal Roadshow would help to foster dialogue, strengthen economic ties, and enhance collaboration,” the NGX stated in a statement regarding the event. The Roadshow is a component of the Group’s effort to back FG’s plan to attract international investors to the Nigerian economy. The objective is to demonstrate the capital market’s resilience and the speed at which President Tinubu’s new administration is implementing reforms, allowing foreign investors to recognize the value provided by the shifting environment.

According to NGX’s Domestic & Foreign Portfolio Investment Report for July 2023, between June 2023 and July 2023, the total amount of foreign transactions fell by 11.37 percent, from N45.74 billion to N40.54 billion. However, compared to N22.72 billion in June, the foreign inflow for July decreased by 58.41 percent to N9.45 billion.

According to NGX Group, one of its other goals is to draw in new listings by highlighting a few chosen businesses to foreign investors. It will highlight a few blue-chip market operators as well as NGX.

The Non-Deal Roadshow, organized in association with Debt Management Office and featuring Minister of Finance and Coordinating Minister of the Economy Wale Edun as the main speaker, and the tech event Invest in Africa’s Future, organized in conjunction with the Ministry of Communications, Innovation and Digital Economy, and Future Africa, are among the other events that the NGX Group has scheduled for September 20–25. Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, will be the main speaker.

Among its other goals, the tech event will look at how the recently established NGX Technology Board can help the technology sector raise capital. It will also give US institutional investors who are interested in investing in Africa a chance to meet with well-known African venture capital firms and tech entrepreneurs.

Chapel Hill Denham, CardinalStone Partners, and Stanbic IBTC Capital are a some of the roadshow’s sponsors. There will also be participation from a few private businesses, including Lagos Free Zone Company, Niger Delta Exploration and Production Flutterwave, and VFD Group.

The bell-ringing ceremony with President Tinubu symbolizes the importance of the economic relations between the United States and Nigeria, according to a notice posted on NASDAQ’s website about the event.

In terms of volume, NASDAQ is the busiest stock exchange in the United States. It is ranked second among stock exchanges in terms of market capitalization of shares traded, only below the New York Stock Exchange.