President Bola Ahmed Tinubu embarked on his first official trip to the United States, and his inaugural stop resonated deeply with the financial world.
On September 20, he made his way to the headquarters of the National Association of Securities Dealers Automated Quotations Stock Market (NASDAQ) in New York City.
This event was meticulously organized by the American Business Council Nigeria, in collaboration with the United States Chamber of Commerce, Nigerian Investment Promotions Council (NIPC), National Association of Securities Dealers Automatic Quotation System (NASDAQ), and the Nigerian Exchange Group (NGX). It took place alongside the 78th United Nations General Assembly (UNGA).
As the closing bell of NASDAQ rang, President Tinubu and his delegation convened for a significant roundtable discussion. The attendees included representatives from the public and private sectors of both the United States and Nigeria.
Scott Eisner, the President of the U.S.-Africa Business Center at the U.S. Chamber of Commerce, set the tone with his opening remarks, emphasizing Nigeria’s paramount importance as a trading partner for the United States.
Among the distinguished guests was the U.S. Deputy Secretary of Treasury, Wally Adeyemo, who had just returned from a trip to Nigeria. Deputy Secretary Adeyemo commended President Tinubu for his decisive actions in ending the fuel subsidy, recognizing that these measures would stimulate investment in Nigeria and foster a more robust partnership with the United States.
Babajide Sanwo-Olu, the Governor of Lagos State, also took the floor and shed light on the thriving creative industry in Lagos. He stressed that this flourishing sector would create a favorable environment for U.S. businesses to prosper in Nigeria.
President Tinubu, addressing concerns about conflicts in Nigeria, underscored the significance of fortifying U.S.-Nigeria relations. He affirmed that Nigeria was not only open for business but also for investment, dispelling any misconceptions about the country’s internal challenges.
In his words, President Tinubu stated:
- “All the problems of conflict that you hear about Nigeria are baloney. Anybody can be a quartermaster on a Monday to the Americans, but to us, we are ready to work with you.”
Sops Ideriah, President of the American Business Council, expressed optimism about the event’s turnout. He emphasized the economic opportunities present in Nigeria and the positive atmosphere generated by having various stakeholders, including Nigeria’s President, come together.
- “Having all the stakeholders in the room, His Excellency the President of Nigeria in there, from government to private to individualists in Nigeria. We are very positive about the potential of Nigeria and just reinforcing the economic opportunities that exist,” said Ideriah.
President Tinubu’s choice of NASDAQ over NYSE for this pivotal event sends a clear message about Nigeria’s aspirations and its significance on the global economic stage.
It marks a strategic move, especially when viewed in the context of history, as it has been a decade since former President Goodluck Jonathan’s visit to the New York Stock Exchange (NYSE).
The decision to opt for NASDAQ reflects Nigeria’s evolving economic landscape and its intent to forge stronger economic ties with the United States.
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