President Bola Tinubu has reaffirmed the Federal Government’s plan to use Nigeria’s capital market as a major source of long term financing for business expansion, infrastructure and economic growth.
The President spoke during a meeting with the board and management of Nigerian Exchange Group and members of the Economic Management Team at the Presidential Villa.
NGX officials presented a strategy for moving the market from recovery to a broader national capital formation programme capable of supporting Nigeria’s ambition to build a one trillion dollar economy.
According to the presentation, market capitalisation rose from about N30 trillion in 2023 to N160 trillion, while the All Share Index increased from roughly 52,000 points to 244,000 points over the same period.
Tinubu said greater private sector investment would be central to achieving the government’s economic target.
He also disclosed that the Nigerian National Petroleum Company Limited would be reformed and listed on the capital market as part of plans to widen public ownership and attract investment.
NGX Group Chairman Umaru Kwairanga said recent economic reforms had helped restore investor confidence and increase market liquidity.
Group Managing Director Temi Popoola said the next challenge was to convert strong market performance into sustained capital formation, business expansion and wealth creation.
NGX proposed the listing of commercially viable government assets, more domestic or dual listings by major Nigerian companies, clearer rules on capital gains tax and wider use of market instruments to finance infrastructure.
Government officials and NGX leaders agreed that continued cooperation between the public and private sectors would be required to build a deeper and more competitive capital market.
