Shareholders under the Association for the Advancement of Rights of Nigerian Shareholders (AARNS) have commended President Bola Ahmed Tinubu for implementing what they described as bold and necessary economic reforms aimed at stabilizing the Nigerian economy and reviving investor confidence.
Speaking ahead of the administration’s second anniversary, the President of AARNS, Faruk Umar, said the economic direction taken by the current government, although painful at first, has repositioned Nigeria’s investment climate for sustainable long-term growth.
Umar noted that the policy measures, such as the removal of fuel subsidy, foreign exchange unification, banking sector recapitalization, and improved engagement with global investors, have produced early positive outcomes in key sectors of the economy.
“President Tinubu has shown commendable awareness of the challenges facing the Nigerian economy and has taken steps to address them. Although the reforms brought short-term hardships such as higher prices and forex losses, they have positioned the country for sustainable growth,” he said in a statement.
He highlighted the stabilization of the foreign exchange market, improved liquidity, and the near-attainment of a single forex window as indicators that investor confidence is returning to the Nigerian financial system.
Umar further noted the performance of the Nigerian Exchange Limited (NGX) as a strong indicator of renewed faith in Nigeria’s economy. According to him, the NGX has recorded sustained growth since Tinubu assumed office in May 2023, with corporate performances across sectors improving significantly.
“The stock market is often seen as a barometer for the direction of the economy. The sustained positive performance of the NGX since the beginning of this administration is a clear sign of investor confidence,” he stated.
He also referenced the ongoing banking recapitalization programme, which requires banks to significantly raise their capital base, saying it has strengthened the financial system and stimulated capital market activity, as evidenced by the wave of capital raises by banks and listed companies.
Umar cited the successful passage of the Investment and Securities Act (ISA) 2025 as another milestone that will deepen Nigeria’s capital market. He described the law as a “welcome development” for investors, noting that it diversifies investment instruments and enhances investor protection.
He praised new policy initiatives like the naira-for-crude and naira-for-products schemes, describing them as smart strategies aimed at preserving forex reserves and stabilizing fuel supply in the face of global economic volatility.
On capital market development, Umar called on the Federal Government to introduce incentives that will encourage more companies to list on the Nigerian Exchange. He proposed that publicly quoted companies be prioritized for tax reliefs, loans, and government patronage.
“For instance, the listing of companies like the Nigerian National Petroleum Company Limited (NNPCL) and power distribution firms would enhance transparency, deepen the market, and create jobs,” he said.
Umar also urged the government to streamline the tax system, eliminate multiple taxation, and ease the regulatory burden on businesses through the introduction of simplified tax laws. He believes this will improve the ease of doing business and attract more domestic and foreign investments.
While commending the government’s progress, he emphasized the need for tangible benefits to reach the average Nigerian, stating that reforms must now be followed with improved welfare, infrastructure, and employment opportunities.
On security, Umar praised the roles played by the National Security Adviser (NSA), the Nigerian Army, Police, and Department of State Services (DSS) in addressing insurgency and banditry. He particularly welcomed President Tinubu’s recent directive to reclaim forests from bandits, a move he said would restore economic activity and confidence in affected areas.
“We commend the president’s approach to national security. However, more needs to be done. There should be increased recruitment into the security forces to ensure peace, especially in the northern part of the country,” he stated.
He concluded by expressing optimism that the reforms initiated so far would yield more results in the coming years. He called on the government to maintain the momentum and ensure that the gains recorded so far are not reversed.
“We are happy with the progress made, but this is just the beginning. We urge President Tinubu to consolidate on these reforms so that all Nigerians can enjoy the benefits of economic recovery,” he added.
