A United States-based innovator and tech entrepreneur, Prof Ndubuisi Ekekwe, says while the Nigerian Stock Exchange has recorded impressive growth in the last eight months under President Bola Ahmed Tinubu, the irony is that more Nigerians are poorer.

Ndubuisi reacted to an article titled, “In eight months of Tinubu administration, Nigeria’s stock market”, written by Bayo Onanuga, the Presidential aide on Information and Strategy.

Onanuga said NGX achieved 45.90 per cent growth in 2023, the highest compared to S & P 500, Shanghai Stock Exchange, Johannesburg, Ghana Stock SE, and Nairobi SE.

Reacting, Ekekwe said although the growth rate of NGX was factual, the boom in stocks and equities had made many people poorer and depressed.

According to him, foreign investors were not tripping into Nigeria despite the country’s stock growth because of the fall in the value of the Naira and soaring inflation, which was quoted at 28.92 per cent in December.

“The Nigeria stock exchange has been growing on absolute Naira, but on the real value, it is not. That statement is factual, but the irony is that the growth, as noted by Bayo, has made many people poorer and depressed the overall value of the stock market.

“That is why foreign investors are not coming for that 45 per cent gain because if you made 45 per cent on equity but lost 50 per cent on currency, with 30 per cent on inflation, you are poorer”, he said.

At the close of work on Friday, the NGX’s All-share index recorded an all-time high of 94,538.12 points, gaining 2.87 per cent.

The development comes as the NGX’s All-Share Index grew by 45.90 per cent in 2023.

Thonyboy:

https://.ng/2024/01/22/ngxs-growth-nigerians-are-poorer-under-tinubu-govt-innovator-ndubuisi-ekekwe/

lolz na from obi kinsmen

luizpippo:


Like actual human said this and had some his ilks liking this?

Is it a lie that Buhari plunged the nation into multidimensional poverty?[b][/b]
Borrowed the nation to stupor and printed #23 trillion with no project to point that very money printed?

Is it a lie that the NGX growth has not reduced the level of poverty or that things are worse than BAT met them?

That you are hoping things gets better before that clown f**ks out of office doesn't mean we should lie about the current realities.

Dialpad:
Within how many months in office you are already bringing fake statistics.

Don't you realize it might get tough before it gets better.

Many of us think a president has that magic hand to turn an economic saddled with debt around within 8months...

That's unrealistic

BigDawsNet:
His policy actually dropped millions of people in poverty...

I'm not sure what his trying to achieve tho


$1/400 to $1/1350

Truth234:
What Ndubuisi said here is not true.

“That is why foreign investors are not coming for that 45 per cent gain because if you made 45 per cent on equity but lost 50 per cent on currency, with 30 per cent on inflation, you are poorer”, he said

ajailer:
na one of the people wey fund Obi campaign be dis.... he never get over the loss, so I totally understand if he sees nothing good under this new administration......

shebi he is based in Amelica nah.

tishbite43:

Just admit you don't understand what he said there

Dialpad:
Within how many months in office you are already bringing fake statistics.

Don't you realize it might get tough before it gets better.

Many of us think a president has that magic hand to turn an economy saddled with debt around within 8months...

That's unrealistic