Ahead of his second-year anniversary, shareholders have commended President Bola Tinubu for his courage and vision in implementing bold reforms that have helped stabilise the economy and restore investor confidence in Nigeria’s long-term economic prospects.
Shareholders, under the aegis of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), a leading shareholders’ group, stated that the reforms undertaken by the Tinubu administration have directly and indirectly improved the investment climate.
In a statement, President of AARNS, Dr Faruk Umar, praised President Tinubu for his understanding of the economic challenges facing Nigeria and his commitment to addressing them.
According to him, while the reforms have inevitably resulted in some negative consequences for citizens and companies—such as rising prices of goods and services and foreign exchange (forex) losses—these measures have helped to reset the country’s economic fundamentals and position Nigeria for sustainable growth.
He highlighted several indicators of the success of these economic reforms, including stability in the forex market, progress towards a single-window forex system, the return of foreign investors, increased foreign participation in the Nigerian stock market, and generally positive corporate performances.
Umar pointed out that the sustained upward trend in the Nigerian stock market since the Tinubu administration took office reflects investor confidence, noting that the stock market is widely regarded as a gauge of economic direction.
Umar, who serves on the boards of multiple companies, stated that the banking recapitalisation drive has not only strengthened banks—many of which have the largest shareholder bases—but has also deepened the stock market.
According to him, the success of the banking recapitalisation process and the scale of capital raising efforts by companies and governments underscore a positive long-term outlook for the economy.
“From whatever perspective one examines it, one must acknowledge that President Tinubu has performed fairly well. Look at the returns on the Nigerian Exchange (NGX), corporate performances across sectors, the forex market, the Gross Domestic Product (GDP), Nigeria’s sovereign issuances both locally and internationally, the country’s ratings reports, and foreign capital inflows—all of these fundamental indicators are improving. President Tinubu deserves commendation and encouragement, and we will support him in advancing these reforms for the benefit of the people,” Umar said.
He stated that recent economic trends suggest inflation is cooling down and expressed optimism that ongoing initiatives in the agricultural sector and improvements in security will further help stabilise commodity prices.
Umar specifically commended the President for introducing the “naira-for-crude” and “naira-for-products” policies, as well as Nigeria First, describing them as well-thought-out strategies to safeguard economic stability amid unpredictable global shifts.
He added that the recent enactment of the Investment and Securities Act (ISA) 2025 will further deepen Nigeria’s capital market by diversifying tradable assets and enhancing investor protection through a strengthened regulatory framework.
Furthermore, he urged the government to strike a policy balance that encourages companies to list on the Nigerian stock market, thereby allowing more Nigerians to benefit from the country’s economic resources.
According to him, “there should be some elements in policies such as Nigeria First that give priority to publicly quoted companies in terms of access to government concessionary loans, taxes, and patronage, among others.”
Umar called on the government to fast-track the enactment of new tax laws, arguing that a streamlined tax framework would help relieve companies of the duplication and complexity currently characterising Nigeria’s tax system.
Reflecting on the economic momentum of the past two years, Umar expressed confidence that further improvements would be seen over the next two years. He noted that this optimistic outlook continues to drive investor sentiment in the stock market.
“As shareholders, we are pleased with the government’s performance thus far. From an investor’s perspective, the administration deserves commendation. However, there have been pains associated with the reforms. We urge President Tinubu to take further steps to ensure the citizenry experiences more of the benefits of these reforms,” Umar said.
He also urged the government to expedite the process of listing power companies on the stock market, as stipulated in the sales purchase agreements, arguing that public listings could help resolve longstanding challenges in the power sector.
Additionally, he advocated for the listing of Nigerian National Petroleum Company Limited (NNPCL) and other Government-Owned Enterprises (GOEs), stating that this would enhance the operations of these companies and generate more employment and wealth for Nigerians.
Umar further emphasised the need to intensify efforts in combating banditry and terrorism. While acknowledging the significant progress made by the current administration in improving security, he stressed that additional investments in human and technological resources were necessary.
He urged the government to recruit more personnel into the military and security forces to enhance national coverage and effectiveness.
“We need to say that though there has been a lot of progress in fighting the bandits and insurgents due to the combined efforts of the National Security Adviser (NSA), the Army, the Police, and the Department of State Services (DSS), among others, the government should recruit more people into the Army in order to eliminate the bandits once and for all. The recent announcement by the President to take over all the forests harbouring bandits would go a long way in restoring confidence to the people in North-West, North-East, and North-Central,” Umar stated.
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