‘Nigerian economy been resilient’
•PEARL Awards to honour companies
Chairman of PEARL Awards Nigeria, Dr Faruk Umar, says despite the economic outlook, the data generated from the Nigerian Exchange (NGX) so far suggest spikes in several unexpected sectors, and this may be a major signal for the future.
The 25th Edition of the PEARL Awards has been scheduled for Sunday November 27th, 2022 at the Eko Hotel and Suites in Lagos and in the run up to the event, Umar expressed delight that the Nigerian Exchange has managed to hold its own, in the wake of the global bearish outlook.
“It’s been twenty-five years of running the PEARL Awards and this has come with some insights, especially the corollary between the performance of the stock exchange and the economy.
As established over time, no part of the economy works in isolation and year after year the Awards which analyses the performances of the listed companies has left us with deep insights for the coming economic shifts” Umar stated.
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While admitting that Nigeria, as other economies globally, has experienced some hit from the pandemic, the surprising positive performance of the Nigerian Exchange in 2021 financial year gave the Nigerian economy a different coloration.
“For those that have been following the PEARL Awards and the Nigerian Exchange, it is obvious that the companies and the sectoral performers are a great indicator to the direction of the economy.”
Umar went ahead to commend the federal government for encouraging the listing of the telecoms operators into the market and says their influence has also widened the scope of the NGX influence.
“This year, it’s the Awards’ Silver Anniversary and the stakeholders, among other things, are expectant on what the indices will throw out. We are glad to be a trusted channel to communicate this important outlook,” he added.
PEARL Awards is endorsed by the Securities & Exchange Commission since well over a decade, which goes to underscore the integrity of the Awards.
He said the PEARL Awards Board is constituted of committed, experienced and passionate Nigerians of proven integrity in the financial space who identify with the rich history and strategic role the Award plays in the nation’s economy.