President Bola Tinubu on Thursday commended Nigeria’s Economic Management Team and the Nigerian Exchange Group (NGX) for what he described as their role in stabilising the economy and driving a remarkable recovery in the nation’s capital market.
Speaking while receiving the Board and Management of the NGX at the Presidential Villa, Abuja, Tinubu said positive assessments of Nigeria’s economy by experts and improving economic indicators showed that the country’s reforms were beginning to yield results and promised a brighter future for Nigerians.
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 the stock market, revealing that the total value of listed equities had risen from about N30 trillion in 2023 to N160 trillion, with projections to hit N230 trillion by the end of 2026.
Tinubu praised members of the Economic Management Team, including the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, the Minister of Budget and Economic Planning, Atiku Bagudu, Central Bank of Nigeria (CBN) Governor Yemi Cardoso, and Chairman of the National Revenue Service (NRS), Dr Zacch Adedeji, for their commitment to implementing reforms.
Reflecting on the challenges inherited by his administration, the President said he accepted responsibility for both the assets and liabilities of the previous government after assuming office.
He particularly commended Cardoso for partnering with him to restore stability to the country’s monetary policy and financial reserves, noting that Nigeria had inherited significant fiscal and monetary challenges.
Tinubu said the improved performance of the stock market reflected the country’s broader economic progress and expressed confidence that the reforms would provide valuable lessons for future generations.
He reaffirmed the crucial role of the private sector in driving economic growth through investment and job creation, recalling that he had long supported indigenous refining initiatives, including the Dangote Refinery project, even before becoming President.
The President maintained that Nigeria’s ambition of becoming a one-trillion-dollar economy was achievable, citing the country’s large population and entrepreneurial capacity. He also disclosed that the Nigerian National Petroleum Company (NNPC) would be reformed and eventually listed on the capital market.
Finance Minister Taiwo Oyedele attributed the strong performance of the capital market to the administration’s economic reforms, describing Nigeria’s stock market as one of the world’s best-performing markets.
He said the capital market remained one of the fastest ways to create wealth for millions of Nigerians and urged regulators to simplify the listing process to attract more companies and investors.
Oyedele also encouraged the NGX and the Securities and Exchange Commission (SEC) to target growing Nigeria’s capital market to a valuation of one trillion dollars. He noted that many young Nigerians currently invested in virtual assets and gambling instead of the stock market, where they could build sustainable wealth.
NGX Chairman Umaru Kwairanga said the exchange’s impressive performance was directly linked to the government’s reforms, expressing confidence that Nigeria could attain a one-trillion-dollar economy before 2030.
He said the capital market had been underutilised for years but was now attracting international attention. Kwairanga recalled speaking at the London Stock Exchange, where he attributed Nigeria’s market turnaround to Tinubu’s leadership and business-oriented approach.
Providing further details, NGX Group Managing Director Temi Popoola said the market’s all-share index had climbed from 52,000 points in 2023 to 244,000 points, while the value of listed companies had increased more than fivefold.
He estimated that between 500,000 and 900,000 Nigerians had become millionaires through wealth created by the capital market following the reforms. According to him, other African exchanges are now looking to Nigeria as a model for capital market growth.
NRS Chairman Zacch Adedeji said the President’s economic vision was increasingly being validated by measurable improvements in key economic indicators.
He described the removal of fuel subsidy shortly after Tinubu assumed office as the foundation of the ongoing reforms, saying it corrected distortions that had affected the economy for decades.
Adedeji also highlighted the administration’s tax reform programme, noting that Nigeria’s tax laws had not undergone comprehensive review since 1923 until the current administration initiated reforms.
CBN Governor Yemi Cardoso said the successful recapitalisation of the banking sector had exceeded expectations despite initial scepticism.
According to him, about 75 per cent of the funds raised came from domestic investors, demonstrating growing confidence in Nigeria’s financial system.
Cardoso added that sustained macroeconomic stability would attract more local and foreign investment, deepen confidence in the financial sector and stimulate growth in the real economy.