The US Chamber of Commerce’s US-Africa Business Center will host Nigerian President Bola Tinubu to ring the NASDAQ closing bell on Wednesday.
The US Chamber’s bell ringing ceremony with Tinubu, will take place on the sidelines of the 78th session of the UN General Assembly, symbolizing the significance of the economic ties between the United States and Nigeria.
"We hope this celebration and the discussion as part of the U.S.-Nigeria Executive Business Dialogue serve to further strengthen economic ties and enhance collaboration between the U.S. and Nigerian business communities," the Chamber said in a statement on Monday.
Tinubu has introduced sweeping reforms in Africa's biggest economy, including removing of a fuel subsidy and foreign currency controls, which have been well received by the markets, sending prices at the stock exchange higher.
S&P Global Ratings upgraded Nigeria’s credit outlook in August based on Tinubu’s policies. Moody's has said Tinubu's willingness to introduce the reforms was "credit positive," but warned that it may lead to a period of higher inflation, poorer economic growth, and increased social unrest.
The reforms have caused the naira to weaken and fanned inflation to an 18-year high, and unions have held protests against the new policies, but Tinubu has said the long term impact of his reforms would help to revamp the economy.
(Editing by Seban Scaria; firstname.lastname@example.org)