THE Securities and Exchange Commission (SEC) has pledged support for the economic reforms of President Bola Tinubu.
Lamido Yuguda, SEC director-general, in a statement on Saturday, said the reforms are intended to revitalise the country’s economy and improve the standard of living of Nigerians.
Yuguda said on the president’s first day in office, there was a remarkable 5.23 percent surge in market capitalisation at the Nigerian Exchange Limited (NGX), driven by “optimistic anticipation of market reforms”.
“It is a fact that there are prevailing challenges arising from demanding macroeconomic conditions, constrained consumer spending, and rising operational costs,” he said.
“Despite these challenges, there remains a shared sense of optimism that ongoing rigorous reforms will rejuvenate the nation’s economy.
“I therefore pledge the resolute support of the Capital Market to the Federal Government in navigating these challenges for the country’s brighter future.”
Yuguda said Nigeria outperformed global indices on gains in the all-share index (ASI) and market capitalisation in the first half of 2023, an indication that the economy is being reflated.