President Bola Ahmed Tinubu has commended Nigeria’s economic management team and the leadership of the Nigerian Exchange Group (NGX) for the significant progress recorded in the economy and the remarkable rebound of the nation’s capital market.
The President spoke in Abuja when he received the Board and Management of the Nigerian Exchange Group at the State House. He said positive assessments of the Nigerian economy by experts, coupled with improving economic indicators, point to a brighter future for Nigerians.
President Tinubu said the reforms implemented by his administration are consistent with global best practices and have helped stimulate economic activity while laying the foundation for long-term and sustainable growth.
The NGX delegation, led by its Chairman, Dr Umaru Kwairanga, and Group Managing Director/Chief Executive Officer, Temitope Popoola, briefed the President on the remarkable growth of the Nigerian stock market.
According to the NGX, the total value of listed equities has risen from about N30 trillion in 2023 to N160 trillion today, with expectations that the figure could reach N230 trillion by the end of 2026.
President Tinubu praised the Economic Management Team for its dedication and commitment, particularly the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; Minister of Budget and Economic Planning, Atiku Bagudu; Governor of the Central Bank of Nigeria, Olayemi Cardoso; and Chairman/Chief Executive Officer of the Nigeria Revenue Service, Dr Zacch Adedeji.
“I can see the excitement in the room. All I can do is to celebrate you all today. It is a thing of joy to have this feedback. When we took over, it was very challenging.”
The President recalled the difficult economic conditions inherited by his administration and said the government remained determined to implement reforms capable of restoring confidence and putting Nigeria on the path of prosperity.
He commended the CBN Governor and other members of the economic team for their contributions, stressing that Nigeria has the capacity to build a prosperous nation.
“If the stock market is doing well, then we are doing well.”
President Tinubu also emphasised the importance of the private sector in creating jobs, attracting investment and supporting economic growth. He said greater private-sector investment would accelerate the nation’s development.
The President expressed confidence that Nigeria’s ambition of building a $1 trillion economy is achievable, citing the country’s large population, human capital, resources and the creativity and determination of its people.
He further disclosed that the Nigerian National Petroleum Company Limited (NNPCL) will be reformed and listed on the capital market, as part of efforts to deepen Nigeria’s capital market and expand public participation in major national assets.
Economic Reforms Driving Market Growth
Speaking at the meeting, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said Nigeria’s capital market has recorded significant growth, particularly over the past three years, as a result of the government’s economic reforms.
Oyedele said the Nigerian capital market is currently among the world’s best-performing markets and remains one of the fastest channels for creating wealth for millions of Nigerians.
He said the government, in collaboration with the Securities and Exchange Commission and other regulators, is working on innovations aimed at attracting more young Nigerians into the capital market.
The minister also challenged the NGX and SEC to work towards growing the market to $1 trillion, while advocating a simpler listing process that would encourage greater participation by Nigerians.
NGX Market Capitalisation Rises Sharply
NGX Group Chairman, Dr Umaru Kwairanga, attributed the market’s strong performance to the economic reforms undertaken by the Tinubu administration.
He said Nigeria has the resources, capacity and human capital to achieve the $1 trillion economy target, potentially before 2030, with continued government support.
Kwairanga also noted that Nigeria’s capital market had been underutilised for many years and said the country’s recent progress is attracting international attention.
He recalled that during a recent engagement at the London Stock Exchange, international participants sought to understand how Nigeria had achieved such a rapid turnaround in its capital market.
Kwairanga said he attributed the progress to the leadership of President Tinubu and the administration’s commitment to economic reform.
Stock Market Index Rises to 244,000
Providing details of the market’s performance, NGX Group GMD/CEO Temitope Popoola said the value of listed stocks has increased from approximately N30 trillion when President Tinubu assumed office in 2023 to N160 trillion today.
He said the figure is projected to rise to N230 trillion by the end of the year, based on anticipated new listings.
Popoola also disclosed that the NGX All-Share Index has risen from about 52,000 points in 2023 to 244,000 points today, reflecting the significant growth recorded in the market.
He said the market’s performance had generated substantial wealth for investors, with an estimated 500,000 to 900,000 new millionaires created as a result of the reforms and market expansion.
According to Popoola, other African countries are increasingly looking to Nigeria as a model for developing and strengthening their capital markets.
Revenue Reforms and Subsidy Removal
The Chairman of the Nigeria Revenue Service, Dr Zacch Adedeji, said the President’s economic vision is increasingly being reflected in measurable results and economic data.
Adedeji said the administration’s tax reforms represent a significant overhaul of Nigeria’s revenue framework, noting that major tax laws had not undergone comprehensive reform for decades.
He also identified the removal of the petrol subsidy as a fundamental reform that addressed longstanding distortions in the Nigerian economy.
According to him, the government’s willingness to undertake difficult reforms has created the foundation for the improvements now being recorded.
Banking Sector Recapitalisation
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, said the banking sector recapitalisation programme was initially met with scepticism but has since been successfully implemented.
He disclosed that close to 75 per cent of the capital raised came from domestic resources, describing the development as evidence of growing confidence in Nigeria’s financial system.
Cardoso said a more stable financial system would attract additional investment, stimulate economic activity and ultimately support growth in the real sector.
President Tinubu, meanwhile, assured the economic team of his continued support, saying he would remain committed to studying, thinking through and supporting policies that advance Nigeria’s economic transformation.
“My assurance to you is that I won’t stop reading, thinking and supporting you.”