President of the group, Dr Faruk Umar, stated that reforms undertaken by the government have directly and indirectly made the investment environment better.

He stated that while the reforms necessarily came with some negative consequences on the citizens and companies such as the increase in prices of goods and services and foreign exchange (forex) losses by companies, the reforms have helped to reset the economy’s fundamentals and position the country for sustainable growth.

He outlined that the stability in the forex market, the almost attainment of a single-window forex market, return of foreign investors and significant increase in foreign participation at the Nigerian stock market and generally positive corporate performance were indications of the success of the economic reforms.

He pointed out that the sustained positive performance of the Nigerian stock market since the advent of this government underscored investors’ confidence, noting that the stock market is regarded as a measure of economic direction.

Umar, who sits on the boards of many companies, said the banking recapitalisation has not only helped to strengthen banks, which have some of the largest shareholders’ base, but it has also deepened the stock market.

He said the success of banking recapitalisation programmes so far and the quantum of capital raisings by companies and governments are indicative of a positive long-term view of the economy.

“From whatever angle one may look at it, one will agree that President Tinubu has done fairly well. Look at the return at the Nigerian Exchange (NGX), look at corporate performances across sectors, look at our forex market now, look at the Gross Domestic Products (GDP), look at Nigeria’s sovereign issuances locally and internationally, look at our ratings reports now and look at foreign inflows; all these are fundamental indicators and they are looking up. President Tinubu deserves commendation and encouragement, and we will support him to drive the reforms forward for the betterment of the citizenry,” Umar said.

He said the recent enactment of the Investment and Securities Act (ISA) 2025 would help to further deepen the Nigerian capital market by diversifying tradable assets and protecting investors through enhanced regulatory framework.

He called on the government to expedite actions on the enactment of the new tax laws, noting that a streamlined tax regime would relieve companies of duplicity and multiplicity that currently characterise tax administration.

Umar said with the momentum that has been seen in the past two years, the next two years should see continuous improvement in the economy, pointing out that it is this positive outlook that has continued to drive investors’ expectation of the stock market.

He also called for the listing of Nigerian National Petroleum Company Limited (NNPCL) and other Government-Owned Enterprises (GOEs) as a way to enhance the operations of these companies and create more jobs and wealth for the citizens.

He however underscored the need to increase the tempo of the fight against banditry and terrorism noting that while the current government has significantly done more in the area of security, there must be further buildup of human and technological resources.