President Bola Tinubu has showered praise on his Economic Management Team and the Nigerian Exchange Group (NGX) for steering the nation’s capital market through a historic revival, as the stock market ballooned from N30 trillion to an astonishing N160 trillion in just over a year.
Receiving the NGX Board and Management at the State House, Abuja, on Thursday, the President described the improving economic indicators as proof that his administration’s painful reforms were finally bearing fruit. He commended the collective resolve of his economic chiefs—including Finance Minister Taiwo Oyedele, Budget Minister Atiku Bagudu, CBN Governor Yemi Cardoso, and NRS Chairman Dr. Zacch Adedeji—for their dedication in navigating the country out of turbulent waters.
“When we took over, it was very challenging. I asked for the job, and I have to do it,” Tinubu said, reflecting on the tough decisions taken, including subsidy removal and tax reforms. “If the stock market is doing well, then we are doing well. Nigeria can build a nation of prosperity by itself.”
The NGX delegation, led by Chairman Dr. Umaru Kwairanga and GMD Temi Popoola, painted a rosy picture of the market’s trajectory. Popoola revealed that the All-Share Index had surged from 52,000 points in 2023 to 244,000 points, with market capitalization projected to hit N230 trillion by year-end. Perhaps most striking was his disclosure that the market boom had birthed between 500,000 and 900,000 new millionaires, unlocking unprecedented wealth for retail and institutional investors alike.
Kwairanga expressed confidence that Nigeria could achieve its $1 trillion economy target well before 2030, driven by renewed investor confidence both locally and internationally.
In a significant policy revelation, Tinubu disclosed that the Nigerian National Petroleum Company Limited (NNPCL) would undergo reform and eventual listing on the capital market—a move expected to deepen liquidity and broaden public ownership.
Finance Minister Oyedele challenged the NGX and the Securities and Exchange Commission (SEC) to simplify listing processes and attract more young Nigerians, noting that many youths currently dabble in volatile virtual assets while overlooking the wealth-building potential of the stock market.
CBN Governor Cardoso also highlighted the successful recapitalization of the banking sector—achieved largely through domestic resources—as a vote of confidence in Nigeria’s financial system, assuring that a stable banking sector would spur investment and positively impact the real economy.
With reforms gaining traction and market indicators flashing green, the President urged private sector players to ramp up investment, insisting that job creation and national development rest on a thriving partnership between government and business.
