President Bola Tinubu has praised Nigeria’s economic team and the Nigerian Exchange Group (NGX) as the stock market surged from ₦30 trillion in 2023 to ₦160 trillion, citing reforms that have stabilised the economy.
ABUJA – President Bola Ahmed Tinubu has commended members of his economic management team and the Nigerian Exchange Group (NGX) for what he described as their dedication in stabilising Nigeria’s economy and driving a remarkable recovery in the country’s capital market.
The President made the remarks on Thursday at the State House in Abuja while receiving the Board and Management of the Nigerian Exchange Group, led by its Chairman, Dr. Umaru Kwairanga, and Group Managing Director/Chief Executive Officer, Temi Popoola.
During the meeting, the NGX leadership informed the President that the total market value of listed equities had grown from ₦30 trillion in 2023 to ₦160 trillion, with projections indicating it could reach ₦230 trillion before the end of 2026.
Tinubu described the development as evidence that the administration’s economic reforms were yielding results and laying the foundation for sustainable economic growth.
He praised the Economic Management Team, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Minister of Budget and Economic Planning, Atiku Bagudu, Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, and Chairman of the National Revenue Service (NRS), Dr. Zacch Adedeji, for their commitment and foresight.
“When we assumed office, the economy was facing enormous challenges. We accepted both the assets and liabilities of the previous administration because we sought the responsibility of leading the country,” the President said.
He particularly acknowledged Cardoso’s role in restoring confidence in Nigeria’s monetary policy and financial system.
According to Tinubu, Nigeria has the capacity to build a prosperous economy through sound policies, private-sector investment and sustained reforms.
“If the stock market is doing well, then the economy is doing well,” he said.
President Tinubu reiterated that his administration’s target of building a $1 trillion economy remains achievable, citing Nigeria’s large population, abundant resources and entrepreneurial capacity.
He also disclosed that the Nigerian National Petroleum Company Limited (NNPC Ltd.) would undergo reforms and eventually be listed on the Nigerian capital market.
The President stressed that increased private-sector investment remains critical to creating jobs and accelerating economic growth.
He recalled supporting investments in domestic refining before assuming office, describing the private sector as an indispensable partner in Nigeria’s development.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said Nigeria’s capital market has emerged as one of the world’s best-performing markets following the implementation of key economic reforms.
He noted that the capital market provides one of the fastest avenues for wealth creation and encouraged regulators to develop more initiatives that would attract young Nigerians.
Edun observed that many young people currently channel their funds into virtual assets and gambling instead of investing in the stock market.
He urged the NGX and the Securities and Exchange Commission (SEC) to simplify the listing process and work towards expanding the market to a $1 trillion valuation.
Speaking on behalf of the NGX, Chairman Dr. Umaru Kwairanga said the impressive recovery of the exchange was driven largely by the Federal Government’s economic reforms.
He expressed confidence that Nigeria could achieve a $1 trillion economy before 2030, provided reform efforts remain on course.
Kwairanga added that international investors have taken notice of Nigeria’s capital market transformation, noting that discussions at the London Stock Exchange reflected growing confidence in the country’s economic direction.
Group Managing Director and Chief Executive Officer of the NGX, Temi Popoola, provided details of the market’s performance since President Tinubu assumed office.
According to him, the total value of listed equities has increased from nearly ₦30 trillion in 2023 to ₦160 trillion, while the NGX All-Share Index climbed from 52,000 points to 244,000 points.
He projected that ongoing listings could push market capitalisation to ₦230 trillion by the end of the year.
Popoola also estimated that the reforms have contributed to the creation of between 500,000 and 900,000 new millionaires, while adding that several African countries are now studying Nigeria’s capital market reforms as a model for growth.
Chairman of the National Revenue Service, Dr. Zacch Adedeji, described President Tinubu’s economic vision as increasingly evident through measurable improvements in the economy.
He said the removal of fuel subsidy and comprehensive tax reforms had corrected long-standing distortions and created a stronger foundation for economic expansion.
Meanwhile, CBN Governor Olayemi Cardoso said the successful recapitalisation of the banking sector demonstrated growing investor confidence in Nigeria’s financial system.
He noted that nearly 75 per cent of the funds raised during the recapitalisation came from domestic investors, a development he described as a strong vote of confidence in the country’s economy.
Cardoso added that continued macroeconomic stability would attract more domestic and foreign investment, stimulate economic growth and strengthen Nigeria’s real sector.
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