Despite the economic hardship facing many Nigerians, the country's capital market has shown remarkable resilience and consistency under President Bola Tinubu's administration, according to Olatunde Amolegbe, Managing Director and CEO of Arthur Stevens Asset Management Limited.
In an interview assessing Tinubu's two years in office, Amolegbe acknowledged that while the administration's economic reforms have been swift and, at times, painful, they were necessary to pull the country back from the brink of collapse
Amolegbe admitted that a more gradual reform strategy may have reduced the short-term burden on citizens. Still, he argued that the urgency of Nigeria's economic challenges demanded decisive action.
He pointed to several key reforms—including the naira float, subsidy removals, and tax restructuring—as pivotal in restoring investor confidence and stabilising the financial system
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Amolegbe highlighted the Central Bank of Nigeria's banking recapitalisation policy as another catalyst for market liquidity and investor interest. He also referenced Nigeria's issuance of its first domestic US dollar bond and a Eurobond after over a decade, as examples of renewed credibility in global financial markets.
In addition, he praised the signing of the new Investment and Securities Act by President Tinubu, describing it as a potentially transformative piece of legislation for the Nigerian capital market in the years ahead.
While the capital market is thriving, Amolegbe acknowledged the significant pain Nigerians are experiencing due to soaring inflation, high energy costs, and widespread economic uncertainty.
Amolegbe urged the government to accelerate the privatisation and commercialisation of underperforming public assets to unlock their economic value. He also called for targeted interventions to reduce business costs, promote production, and tackle unemployment.
Crucially, he stressed the urgent need to fix Nigeria's unreliable power supply and improve security—two factors he said are central to boosting food production, manufacturing, and overall economic stability
In summary, while Tinubu's economic reforms have sparked a strong response in Nigeria's capital market, Amolegbe believes their success ultimately depends on how well the government manages the social costs and accelerates broader structural improvements.
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