Tinubu Hails Economic Team, NGX as Stock Market Value Soars from N30tn to N160tn

President Bola Ahmed Tinubu has 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 rebound in the country’s capital market.

Speaking on Thursday while receiving the Board and Management of the NGX at the Presidential Villa in Abuja, President Tinubu said improving economic indicators and positive assessments by experts were signs that the country’s economic reforms were yielding results and paving the way for sustainable growth.

The NGX delegation, led by its Chairman, Dr. Umaru Kwairanga, and Group Managing Director/Chief Executive Officer, Temi Popoola, informed the President that the market capitalisation of listed stocks had risen from about N30 trillion in 2023 to N160 trillion, with projections that it could reach N230 trillion before the end of the year.

Reacting to the development, Tinubu praised members of the Economic Management Team, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, Central Bank of Nigeria Governor Yemi Cardoso, and Chairman of the National Revenue Service (NRS), Dr. Zacch Adedeji, for their commitment to implementing reforms.

“When we took over, it was very challenging, but we believed Nigeria could overcome those difficulties. If the stock market is doing well, then we are doing well. Nigeria can build a prosperous nation by itself,” the President said.

Tinubu reiterated that his administration remained committed to supporting policies that encourage private sector investment, noting that economic growth would be accelerated if businesses were empowered to invest productively.

He also disclosed that the Nigerian National Petroleum Company (NNPC) would be reformed and eventually listed on the capital market, while expressing confidence that Nigeria’s ambition of becoming a one-trillion-dollar economy was achievable.

The Minister of Finance described Nigeria’s capital market as one of the world’s best-performing markets, attributing its growth to the administration’s economic reforms. He urged regulators and market operators to attract more young Nigerians to legitimate investments, rather than speculative ventures such as gambling and virtual assets.

NGX Chairman Dr. Umaru Kwairanga said investor confidence had improved significantly because of the government’s reforms, adding that Nigeria had the human and material resources to achieve a one-trillion-dollar economy before 2030.

Providing further details, NGX Group Managing Director Temi Popoola said the All-Share Index had climbed from 52,000 points in 2023 to about 244,000 points, while the value created in the market was estimated to have produced between 500,000 and 900,000 new millionaires.

Popoola added that Nigeria’s stock market had become a model for other African exchanges, with several countries studying its recent growth trajectory.

Also speaking, NRS Chairman Dr. Zacch Adedeji credited the administration’s bold economic reforms, particularly the removal of fuel subsidy and tax reforms, for laying the foundation for economic recovery.

CBN Governor Yemi Cardoso said the successful recapitalisation of the banking sector, achieved largely with domestic resources, had strengthened confidence in Nigeria’s financial system and would help attract more investments into the real sector of the economy.