NGX foresees tax reforms unlocking capital market potential

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NGX foresees tax reforms unlocking capital market potential
NGX foresees tax reforms unlocking capital market potential

Mr. Temi Popoola, the CEO of the Nigerian Exchange Limited (NGX), has expressed optimism about the current tax reforms initiated by President Tinubu’s administration.

According to Popoola, these reforms will enable the capital market to unlock its potential, deliver returns to investors, and contribute to government objectives.

During a discussion on the sidelines of the NGX International Non-Deal Roadshow in London, Popoola emphasized NGX’s commitment to supporting the Federal Government’s goals.

NGX commits to supporting government goals

He stated that the exchange aims to achieve this by mobilizing capital, which can help address government challenges and promote wealth creation for Nigerians.

Popoola cited the privatization efforts in the telecommunications sector as an illustrative example of how the capital market can play a crucial role in achieving government objectives through tax reforms.

He noted that the administration’s tax reforms are designed to boost revenue while attracting foreign investors to Nigeria.

To highlight Nigeria’s attractiveness to foreign investors, Mr. Wale Edun, the Minister of Finance and the Coordinating Minister of the Economy, rang the Opening Bell at the London Stock Exchange as part of the Roadshow.

Popoola acknowledged the challenges posed by the COVID-19 pandemic, which led to a decline in foreign investment in Nigeria and other emerging economies.

Despite these challenges, he stressed that NGX remains a robust platform for addressing economic issues, including capital inflows and foreign exchange liquidity.