President Jonathan Visits NSE

President Goodluck Jonathan visited the capital market of the largest economy in Africa, the Nigerian Stock Exchange (NSE), for the first time in his six year presidency yesterday in Lagos, and also partakes in the closing Gong Ceremony. Market capitalization closed on the positive of 0.34 percent.

Finding time in between his tight schedule, President Jonathan assured market stakeholders on the bright and resilient Nigerian economy, and also used the occasion to launch the since 2013 in-use X-Gen online mobile platform. The platform is reputed to improve the trading of government bonds, treasury bills and other instruments at the market.

Dignitaries present at gong beating platform includes the minister of trade and investment, Olusegun Aganga, president NSE, Mr. Aigboje Aig-Imoukhuede, and CEO NSE, Oscar Onyema.

Sequel to the President’s visit, local and international economic challenges have put immense pressure on market activities since Q4 2014 manifesting in massive decline. The freefall in market value followed equities sell-offs that was triggered by exit of investors as a result of falling oil prices, political and economic uncertainties. The year ended with N1.82 trillion negative performance year-to-date (YTD).

Nigeria stock exchange in recent months has become the laggard in Africa, worse than three other major African stock markets of Ghana Stock Exchange (GSE), Johannesburg Stock Exchange (JSE) and Nairobi Securities Exchange Limited.

Among top losers is some of Nigeria’s most prominent local brand builders, particularly those who control highly capitalized major companies listed on the market like Aliko Dangote, Africa’s richest man who has built up fortunes over the past decades through his cement, sugar and flour mill companies and accounts for about 25 percent of stock market as a big loser. He has lost about $5.4 billion which has reduced his 2014-estimated fortune of $25.7 billion.