The reforms in the foreign exchange (forex) market have significantly improved valuation transparency in companies and enabled more foreign investors to invest in the economy, President, Association of Issuing Houses of Nigeria, ‘Kemi Awodein, has said.
Speaking during the AIHN Annual General Meeting, in Lagos, she explained that the several successful transactions facilitated within the year, including Heineken’s $24 billion acquisition of a controlling stake in Nigerian Breweries and Sahara Group’s $1 billion purchase of Eabin Power, were boosted by the Forex reforms.
“These deals were facilitated by the restructuring of the FX market, which improved valuation transparency for foreign investors,” she said.
Awodein said the ongoing recapitalisation of banks, “has also supported growth in the equities market, which is a good development for the economy.”
She said that in 2023, the Nigerian investment banking sector saw significant developments influenced by key economic reforms, particularly the removal of fuel subsidies and the unification of the exchange rate.
