PRESIDENT TINUBU BECOMES FIRST NIGERIAN LEADER TO RING CLOSING BELL AT NASDAQ
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The National Association of Securities Dealers Automatic Quotation System (NASDAQ), the second-largest stock exchange in the world, invited President Bola Tinubu to ring the closing bell on Wednesday in the centre of the global financial centre, making him the first Nigerian president to ever receive the honor. This was done in recognition of President Tinubu’s steadfast efforts to aggressively attract foreign direct investment into Nigeria.
In typical fashion, the President took advantage of the historic moment to boldly advance his push for foreign investment as he stood live in front of the financial markets at the renowned stock exchange, surrounded by prominent Nigerian businessmen and officials of the Nigerian Stock Exchange.
“It’s a great honor for me to be here. I am happy to bring Nigeria to your doorsteps and I am honored that we are here today with a bubbling Nigerian stock market that will evolve in the West African sub-region. The greatest economy in Africa is Nigeria, there is an immense opportunity in Nigeria where you can invest your money without fear,” the President said.
The President noted that his administration is still working to resolve long-standing issues and obstacles, such as his efforts to stabilize and harmonize the foreign exchange rate market so that new investors can easily bring their capital into the nation without having to worry about whether they will be able to withdraw it at any time in the future.
“You’re free to take in your money and bring out your money. I count on you to invest in Nigeria,” the President exclaimed under the lights.
President Tinubu reassured potential investors at the Nigeria-U.S. Executive Business Roundtable held shortly after the closing bell that, in addition to all that he has already done to increase the confidence of the international investment community in Nigeria’s currently reformed government, he intentionally brought successful Nigerian industrialists and public officials to share their experiences and operational plans, respectively.
“Nigeria is an opportunity that is impossible to replicate or find elsewhere in any part of the world. We have brilliant young people who both innovate and consume at a large scale. Our entrepreneurial spirit is a major part of what makes our market totally unique, aside from demography. Nigerians build businesses and Nigerian businesses partner with other businesses to conduct larger business. There is enough value to spread around. Be careful of what you hear about Nigeria. You may be dissuaded out of a major opportunity that others will take up. We are here for you. We will give you all the support you need to succeed and succeed abundantly,” the President assured the roundtable as he pointed out cabinet officials.
On behalf of the U.S. Government, U.S. Deputy Treasury Secretary, Wally Adeyemo, told U.S. business leaders that he was just a few hours removed from arriving in New York from Lagos, Nigeria, where he was on an official visit that later became a fact-finding mission. “In Lagos, I saw first hand some of the major reforms you implemented as the Governor of Lagos and the transformative effect it has had on Nigeria’s commercial capital. People have attested to the fact that the reforms you have put in place as President are quickly enhancing confidence. American business is paying attention to that and from what we have seen for ourselves, Nigeria is proving to be a new frontier for investment. We will encourage our companies from our end as those reforms continue to deepen,” Mr. Adeyemo said.
The American Business Council President, Mr. Sops Ideriah, said that the extensive turnout at the roundtable by American Business Chief Executives served as a testament to the degree to which confidence is rising in response to the actions and words of President Bola Tinubu’s administration with respect to ease of business, investment promotion, and his willingness to personally intervene where required to ease the historical concerns of American business people about doing business in Nigeria. “Having all the stakeholders in the room, His Excellency the President of Nigeria being here, from government actors at the federal and state level to ministers and tax authorities present, as well as private sector industrialists in Nigeria. We are very positive about the potential of Nigeria and we are just reinforcing to our colleagues the message about the economic opportunities that exist there,” Mr. Ideriah said. Acting Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, assured the American Captains of Industry that under the leadership of President Bola Tinubu, the nation’s apex tax authority will be focusing its efforts not on taxing the seed, but only on the proportionate taxation of the fruit of fully formed industry, through efficient policy synergy with Nigeria’s sub-national authorities.
“The President is a business enabler, not a handicapper. Everything we do will be geared toward making your tax assessment and payment processes as digitally efficient and transparent as possible. We are not after the seed, but the fruit and we will keep to this commitment,” Nigeria’s new tax boss affirmed.
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