Tinubu Hails Economic Team as NGX Market Value Soars from ₦30tn to ₦160tn

President Bola Ahmed Tinubu has commended his economic management team and the Nigerian Exchange Group (NGX) for their roles in stabilising Nigeria’s economy and driving a strong rebound in the country’s capital market.

The President spoke on Thursday in Abuja when he received the Board and Management of the Nigerian Exchange Group at the State House.

The NGX delegation, led by its Chairman, Dr Umaru Kwairanga, and Group Managing Director/Chief Executive Officer, Temi Popoola, briefed the President on the growth of Nigeria’s stock market since the beginning of his administration.

According to the NGX, the total value of listed stocks has increased from nearly ₦30 trillion in 2023 to about ₦160 trillion currently, with the figure projected to reach ₦230 trillion by the end of 2026 based on expected new listings.

The All-Share Index has also risen from about 52,000 points when President Tinubu assumed office to approximately 244,000 points.

Tinubu attributed the positive economic indicators to the reforms implemented by his administration, saying the developments were laying the foundation for sustainable long-term growth.

He specifically commended the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; Minister of Budget and National Planning, Atiku Bagudu; Central Bank Governor, Yemi Cardoso; and Chairman/Chief Executive Officer of the National Revenue Service, Dr Zacch Adedeji, for their dedication and commitment.

The President said Nigeria could build a prosperous economy and expressed optimism that the government’s ambition of achieving a $1 trillion economy was attainable.

“If the stock market is doing well, then we are doing well,” Tinubu said, while stressing the importance of creating an economy where young Nigerians could pursue education without the burden of financial uncertainty.

The President also said the private sector had a major role to play in creating jobs, attracting investment and supporting economic growth.

He disclosed that the Nigerian National Petroleum Company Limited (NNPC) would be reformed and eventually listed on the capital market.

The Minister of Finance, Taiwo Oyedele, said Nigeria’s capital market had become one of the best-performing markets globally, attributing the growth to economic reforms undertaken over the past three years.

Oyedele said the government was working with the Securities and Exchange Commission and other stakeholders to introduce innovations aimed at attracting more young Nigerians into the capital market.

He challenged the NGX and SEC to set a target of growing Nigeria’s capital market to $1 trillion, while advocating simplified listing procedures to enable more Nigerians to participate.

NGX Chairman Kwairanga also expressed confidence that Nigeria could achieve a $1 trillion economy before 2030, citing the country’s human and material resources.

He attributed the turnaround in the stock market to the leadership and economic reforms of President Tinubu, noting that Nigeria’s capital market had been underutilised for many years.

NGX Group Managing Director Temi Popoola said the market’s growth had created significant wealth for investors, estimating that between 500,000 and 900,000 millionaires may have been created as a result of the reforms.

He added that other African countries were increasingly looking to Nigeria as a model for developing their capital markets.

Meanwhile, the Chairman of the National Revenue Service, Dr Zacch Adedeji, said the government’s economic reforms were beginning to produce measurable results.

Adedeji described the removal of fuel subsidy as a major step in correcting what he called long-standing distortions in the economy, while highlighting the administration’s efforts to reform Nigeria’s tax system.

The CBN Governor, Yemi Cardoso, also highlighted the successful recapitalisation of the banking sector, saying the exercise had attracted significant domestic investment and strengthened confidence in Nigeria’s financial system.

Cardoso said greater economic stability would attract additional investment, stimulate growth and ultimately strengthen the real sector.

The President reiterated his commitment to supporting the economic team and sustaining reforms aimed at positioning Nigeria for long-term growth and prosperity.