Nigerian Stock Market has been rated as one of the five best performed stock markets in the world in 2017. John Bray, consulate general of the United States Consulate in Lagos, visited the Nigerian Stock Exchange (NSE) on Monday to get familiar with the market.
Bray also rang the bell to mark the end of trading.
In his address, the consulate general said the progress of Nigerian stock is good for the progress of US businesses.
The NSE was ranked among the top five best performing markets at the end of 2017.
“I know that last year was a very successful year as the NSE was ranked amongst the top five performers in 2017; projections indicate that 2018 will be an equally successful year,” he said.
“Let’s hope that’s the case, for the growth of the NSE means more private capital in the local market for business expansion and new business start-ups.
“I am here today to express the US government’s deep commitment to Nigeria’s private sector and economic growth.
“The US government maintains a limited number of Binational Commission (BNC) relationships with nations, demonstrating a high degree of friendship, trust, and cooperation. As one of our most important partners in Africa, Nigeria is one of those nations.
“This is a clear message that the United States (both the government and the private sector) is committed to supporting Nigeria as it continues to find new avenues of economic growth and development.
“The more Nigeria’s economy grows, the better it is for both Nigerian and American businesses.”
In January 2018, nigerian stock market capitalisation crossed the N16 trillion mark for the first time in the history of the bourse.
Over $1 billion had been injected into the market last week through the I&E window and CBN interventions. This is asides the dollars that the apex bank sells to bureau de change operators twice a week to aid liquidity in the market.
The report which examined the performances of global equities’ markets, listed the United States stock market to have average 25 per cent, Nigeria 43 per cent, Turkey 43 per cent, Argentina 73 per cent and Hong Kong 35 per cent as the major outperformers.
Analysts have said the ingenuity of the Central Bank of Nigeria (CBN) in the management of the foreign exchange market helped notch Nigeria’s stock market to be amongst the five top best performing exchange for 2017.