Tinubu praises reforms as NGX market capitalisation surges from N30tn to N160tn

President Bola Tinubu has commended members of his economic management team and the Nigerian Exchange Group (NGX) for what he described as growing signs of economic stability and the remarkable rebound of Nigeria’s stock market.

Speaking on Thursday while receiving the Board and Management of the Nigerian Exchange Group at the State House in Abuja, the President said favourable economic indicators and positive assessments by experts showed that the country’s economic reforms were beginning to yield results and laying the foundation for long-term 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 value of listed equities had risen from about N30 trillion in 2023 to N160 trillion, with projections to reach N230 trillion before the end of the year.

Tinubu attributed the progress to the implementation of reforms aligned with global best practices and praised the Economic Management Team for steering the economy through difficult conditions.

He singled out the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Minister of Budget and Economic Planning, Atiku Bagudu, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, and the Chairman of the National Revenue Service (NRS), Dr Zacch Adedeji, for their commitment and dedication.

“When we took over, it was very challenging. I accepted both the assets and liabilities of my predecessor because I asked for the job,” the President said.

He particularly commended Cardoso for restoring stability to monetary policy, saying the country inherited significant fiscal and monetary challenges.

“If the stock market is doing well, then we are doing well. Nigeria can build a nation of prosperity by itself,” Tinubu said, adding that government reforms were intended to create an environment where the private sector could thrive.

The President stressed that private investment remained critical to job creation and economic expansion, recalling his longstanding support for domestic industrialisation, including the establishment of the Dangote Refinery.

He expressed confidence that Nigeria’s ambition of becoming a one-trillion-dollar economy was achievable, citing the country’s large population, entrepreneurial spirit and abundant human and natural resources.

Tinubu also disclosed that the Nigerian National Petroleum Company (NNPC) Limited would be reformed and eventually listed on the capital market.

The Minister of Finance said the Nigerian capital market had emerged as one of the best-performing markets globally following the administration’s reforms.

He noted that the Securities and Exchange Commission (SEC) and the NGX were working on initiatives to attract more young Nigerians to invest in the capital market instead of speculative ventures.

According to him, simplifying listing requirements would encourage more companies to access the market while supporting the government’s one-trillion-dollar economic target.

NGX Chairman Umaru Kwairanga attributed the exchange’s performance to the administration’s economic reforms, saying the capital market had been underutilised for decades.

He expressed confidence that Nigeria could attain a one-trillion-dollar economy before 2030 with sustained policy support.

Popoola told the President that the NGX All-Share Index had risen from about 52,000 points in 2023 to over 244,000 points, while the growth in market capitalisation had created substantial wealth for investors.

He estimated that between 500,000 and 900,000 Nigerians had become millionaires through gains recorded in the capital market since the reforms began.

According to him, Nigeria’s stock market has become a reference point for other African exchanges seeking to strengthen investor confidence and deepen their capital markets.

Also speaking, Chairman of the National Revenue Service, Zacch Adedeji, credited the administration’s tax reforms and the removal of fuel subsidy with correcting long-standing distortions in the economy.

He described the President’s decision to remove the subsidy immediately after assuming office as a bold move that laid the foundation for the ongoing economic reforms.

CBN Governor Yemi Cardoso said the successful recapitalisation of the banking sector, largely financed by domestic investors, demonstrated renewed confidence in Nigeria’s financial system.

He added that sustained macroeconomic stability would continue to attract investment, stimulate economic growth and strengthen the real sector.

The meeting underscored the administration’s optimism that ongoing reforms would sustain investor confidence and accelerate Nigeria’s drive towards becoming a one-trillion-dollar economy.