President Bola Tinubu recently rang the closing bell at the NASDAQ stock market, signaling a new era of opportunities for foreign investment in Africa’s economic powerhouse. We spoke exclusively with Scott Eisner, President of the US Chamber of Commerce’s US-Africa Business Center.
In New York recently, President Bola Tinubu of Nigeria rang the closing bell at NASDAQ, continuing his efforts to attract foreign direct investment into the country.
Tinubu was accompanied by Nigerian business leaders, governors, ministers, and officials from the Nigerian Stock Exchange (NSE), as the event took place on the sidelines of the 78th session of the United Nations General Assembly UNGA).
In an exclusive interview with FORBES AFRICA, Scott Eisner, President of the US Chamber of Commerce’s US-Africa Business Center, commended Tinubu’s efforts to attract foreign capital into Nigeria.
Surrounded by the bustling atmosphere of the famous stock exchange, NASDAQ, ranked as the second-largest in the world, the Nigerian leader seized the opportunity to highlight the investment potential in Africa’s economic powerhouse.
He conveyed his enthusiasm for bringing Nigeria to the global stage and assured potential investors that Nigeria was a secure destination for their capital.
“It’s a great honor for me to be here. I am happy to bring Nigeria to your doorsteps, and I am honored that we are here today with a thriving Nigerian stock market that will evolve in the West African sub-region. The greatest economy in Africa is Nigeria; there is immense opportunity in Nigeria where you can invest your money without fear,” Tinubu declared.
He underlined his government’s commitment to addressing long-standing challenges and impediments, such as restoring and unifying the foreign exchange rate market, ensuring stability, and making it easier for new investors to bring their capital into Nigeria with confidence.
“You’re free to invest and withdraw your money. I count on you to invest in Nigeria,” Tinubu emphasized.
Eisner, a prominent advocate for strengthening economic ties between the US and African nations, stressed the importance of Tinubu’s participation in the NASDAQ event. “The United States is one of Nigeria’s largest trading partners and a significant foreign investment source. In light of this, President Tinubu’s participation in the NASDAQ bell-ringing ceremony presented an opportunity to strengthen economic ties between the two nations. The ceremony served as a symbol of cooperation and collaboration between the United States and Nigeria, emphasizing the importance of maintaining a mutually beneficial partnership. Both countries can achieve more significant economic growth and prosperity by working together to enhance trade and investment relations,” he tells FORBES AFRICA.
According to Eisner, Tinubu’s participation has significantly bolstered the relationship between the US and Nigeria’s business communities. “This development is expected to pave the way for greater collaboration and increased investment between the nations.”
He further emphasized the potential benefits of increased collaboration between the two nations, including growth in the technology sector, enhanced agricultural trade, improved infrastructure, increased manufacturing, and more significant investment.
“Moreover, it can facilitate technology transfer between the two continents, helping African businesses adopt new technologies and enhance productivity. Finally, the event can promote cultural exchange between Africa and the United States, building understanding and respect between these two cultures. Overall, the presence of the Nigerian president at NASDAQ can have significant long-term benefits across Africa, making it a noteworthy event with the potential to drive positive change,” says Eisner.
Following the closing bell ceremony, the Nigeria-US Executive Business Roundtable provided a platform for President Tinubu to assure prospective investors of Nigeria’s attractiveness. He underscored that Nigeria’s unique combination of a burgeoning youthful population and a rapidly growing economy made it an unparalleled investment opportunity.
US Deputy Secretary of the Treasury, Wally Adeyemo, who had just returned from a visit to Nigeria, praised Tinubu’s reforms and efforts to boost confidence among global investors. “Nigeria is proving to be a new frontier for investment. We will encourage our companies from our end as those reforms continue to deepen,” Adeyemo stated.
The resulting collaborations are expected to create jobs, drive economic growth, and improve the quality of life for citizens in both countries, while also having a positive impact across Africa.