Tinubu hails economic team, NGX as stock market value climbs to N160tn

By Adebola Isimijola, Lagos

President Bola Tinubu has commended members of his economic management team and the Nigerian Exchange Group (NGX) for what he described as their commitment to economic reforms that have helped stabilise Nigeria’s economy and triggered a remarkable rebound in the nation’s stock market.

The President gave the commendation on Thursday while receiving the Board and Management of the Nigerian Exchange Group at the Presidential Villa, Abuja, where the delegation briefed him on the performance of the capital market. The visit was disclosed in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

According to the statement, the NGX informed the President that the total value of stocks listed on the Exchange had increased from about N30 trillion in 2023 to N160 trillion, with expectations that the figure would rise to N230 trillion before the end of 2026 due to anticipated new listings.

Tinubu said the growing confidence expressed by local and international investors, as well as favourable economic indicators, showed that the administration’s reforms were producing positive results and laying the foundation for sustainable economic growth.

Commending the Economic Management Team, the President praised the Minister of Finance and Coordinating Minister of the Economy, the Minister of Budget and Economic Planning, the Governor of the Central Bank of Nigeria (CBN) and the Chairman of the National Revenue Service (NRS) for what he described as their foresight, dedication and diligence in implementing difficult but necessary reforms.

“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,” Tinubu said.

Reflecting on the economic situation inherited by his administration in 2023, the President noted that the government had to make difficult decisions to address deep-rooted fiscal and monetary challenges.

“We owe a duty to the country and our self-belief that this is doable. Nigeria can build a nation of prosperity by itself. If the stock market is doing well, then we are doing well,” he said.

The President reaffirmed his administration’s commitment to supporting private sector investment, describing it as a critical driver of economic growth, industrial expansion and job creation.

According to him, encouraging more private investments would strengthen the economy and accelerate national development. He also disclosed that the Nigerian National Petroleum Company Limited (NNPC) would be reformed and eventually listed on the capital market to deepen transparency and broaden investment opportunities.

Tinubu further expressed confidence that Nigeria could attain its ambition of becoming a one-trillion-dollar economy, citing the country’s large population, abundant natural resources and entrepreneurial capacity.

Speaking during the meeting, the Minister of Finance and Coordinating Minister of the Economy said Nigeria’s capital market had recorded significant growth in recent years, particularly since the implementation of the administration’s economic reforms.

He noted that the market had emerged as one of the best-performing globally and described it as a vital platform for wealth creation and long-term investment.

The minister added that the Federal Government, in collaboration with the Securities and Exchange Commission (SEC) and the Nigerian Exchange Group, was pursuing innovations aimed at attracting more young Nigerians to invest in the capital market rather than speculative ventures.

He also urged the NGX and the SEC to work towards expanding the market to a valuation of one trillion dollars.

Earlier, Chairman of the Nigerian Exchange Group, Dr Umaru Kwairanga, attributed the impressive performance of the Exchange to the Federal Government’s economic reforms, saying the policies had restored investor confidence and improved market performance.

Kwairanga said Nigeria possessed the human and material resources required to attain a one-trillion-dollar economy before 2030 if ongoing reforms were sustained.

Group Managing Director and Chief Executive Officer of the NGX, Temi Popoola, told the President that the Nigerian stock market had witnessed unprecedented growth since 2023.

According to him, the NGX All-Share Index increased from about 52,000 points when the administration assumed office to about 244,000 points, reflecting the strong performance of listed companies and improved investor confidence.

Popoola also said the reforms had created substantial wealth for investors, estimating that between 500,000 and 900,000 Nigerians had become millionaires through gains in the capital market, although he noted that the figures were estimates.

He added that the transformation of the Nigerian market had attracted attention across Africa, with other exchanges looking to Nigeria as a model for capital market growth.

Also speaking, Chairman of the National Revenue Service, Dr Zacch Adedeji, described Tinubu’s economic reforms as bold and transformative, saying the removal of fuel subsidy immediately after the President assumed office corrected longstanding distortions in the economy and laid the foundation for the current improvements.

On his part, CBN Governor Yemi Cardoso said the successful recapitalisation of the banking sector demonstrated growing confidence in Nigeria’s financial system.

Cardoso noted that although the initiative was initially greeted with scepticism, most of the capital raised came from domestic investors, a development he said underscored renewed confidence in the economy.

He added that sustained macroeconomic stability would continue to attract investments, strengthen the financial system and support growth in the real sector of the economy.