President Bola Ahmed Tinubu has commended Nigeria’s Economic Management Team and the Nigerian Exchange Group (NGX) for their roles in stabilising the economy and driving the remarkable recovery of the nation’s capital market.
Speaking on Thursday while receiving the Board and Management of the NGX at the Presidential Villa, Abuja, Tinubu said recent positive economic indicators and favourable assessments by experts showed that the country’s economic reforms were yielding results and laying the foundation for sustainable growth.
The President said the administration’s reform agenda was aligned with global best practices and had restored investor confidence in the economy.
“When we took over, the situation was very challenging, but we remained committed to implementing the difficult decisions needed to reposition the economy,” Tinubu said, while applauding members of the Economic Management Team for their dedication.
He specifically praised the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the Chairman of the National Revenue Service (NRS), Dr. Zacch Adedeji, for their contributions to the ongoing economic reforms.
The President also acknowledged the role of the private sector in driving economic growth, saying government would continue to create an enabling environment for investment and job creation.
He reiterated that Nigeria’s ambition of becoming a $1 trillion economy remains achievable, given the country’s population, natural resources and entrepreneurial capacity.
Tinubu also disclosed that the Nigerian National Petroleum Company Limited (NNPC Ltd.) would undergo further reforms and eventually be listed on the capital market.
Earlier, NGX Chairman, Dr. Umaru Kwairanga, attributed the stock market’s impressive performance to the administration’s economic reforms, expressing confidence that Nigeria could achieve its $1 trillion economy target before 2030.
The Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, told the President that the total market capitalisation of listed equities had grown from about N30 trillion in 2023 to N160 trillion, with projections indicating it could reach N230 trillion before the end of 2026.
Popoola also revealed that the Nigerian All-Share Index had increased from about 52,000 points in 2023 to over 244,000 points, describing the growth as unprecedented in the history of the exchange.
According to him, the reforms have created significant wealth for investors, with an estimated 500,000 to 900,000 Nigerians becoming millionaires through investments in the stock market.
Speaking at the meeting, the Minister of Finance said Nigeria’s capital market had emerged as one of the world’s best-performing exchanges due to the administration’s reform policies.
He urged the NGX and the Securities and Exchange Commission (SEC) to simplify the listing process and expand participation, particularly among young Nigerians, while setting an ambitious target of growing the market to $1 trillion.
Also speaking, NRS Chairman Zacch Adedeji said the administration’s bold reforms, particularly the removal of fuel subsidy and tax reforms, had strengthened the country’s economic fundamentals and enhanced investor confidence.
CBN Governor Olayemi Cardoso noted that the successful recapitalisation of the banking sector, largely funded by domestic investors, demonstrated growing confidence in Nigeria’s financial system and would help attract more investments into the real sector of the economy.
