By Johnbosco Agbakwuru
ABUJA — President Bola Tinubu on Thursday commended members of the Economic Management Team and the Nigerian Exchange Group (NGX) for their roles in stabilising the economy and driving the rebound of the nation’s capital market.
The President, who received the Board and Management of the NGX at the State House, Abuja, said improving economic indicators and positive assessments by experts signalled a brighter future for Nigerians.
The NGX delegation, led by its Chairman, Dr. Umaru Kwairanga, and Group Managing Director/Chief Executive Officer, Temi Popoola, briefed the President on the growth of the market from about N30 trillion in 2023 to N160 trillion.
Tinubu attributed the progress to ongoing reforms, which he said were aligned with global best practices and had created the foundation for sustainable economic growth.
He specifically commended members of the Economic Management Team, including the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; Minister of Budget and National Planning, Atiku Bagudu; Central Bank Governor, Yemi Cardoso; and Chairman/Chief Executive Officer of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, for their commitment and dedication.
The President said the economic situation inherited by his administration was challenging but expressed confidence that Nigeria could achieve prosperity through sound policies and collective effort.
“When we took over, it was very challenging. I had to talk to myself and define my background to accept the assets and liabilities of my predecessor. I asked for the job, and I have to do it,” Tinubu said.
He praised Cardoso for his role in monetary policy reforms, adding that the government remained committed to supporting the economic team.
“If the stock market is doing well, then we are doing well. Nigeria can build a nation of prosperity by itself,” he said.
Tinubu also emphasised the importance of private sector participation in economic growth, saying increased investment by businesses would help create jobs and support national development.
He said his administration’s target of achieving a $1 trillion economy was realistic, given Nigeria’s population, resources and human capital.
The President also disclosed that the Nigerian National Petroleum Company Limited (NNPCL) would be reformed and listed on the capital market.
Speaking during the meeting, the Minister of Finance, Taiwo Oyedele, said Nigeria’s capital market had recorded significant growth in recent years due to economic reforms.
He described the Nigerian capital market as one of the fastest-growing markets globally, adding that it remained a major avenue for wealth creation.
Oyedele said efforts were underway, alongside the Securities and Exchange Commission (SEC) and other regulators, to attract more young Nigerians into the market.
He noted that many young people currently invest in virtual assets and other ventures, while opportunities in the capital market could provide more sustainable wealth creation.
The minister challenged the NGX and SEC to work towards growing the market to a $1 trillion valuation, adding that the listing process should be simplified to encourage wider participation.
Kwairanga attributed the growth of the NGX to the economic reforms of the Tinubu administration, expressing optimism that Nigeria could achieve a $1 trillion economy before 2030.
He said the capital market had been underutilised over the years but was now gaining renewed confidence from investors.
According to him, investors outside Nigeria were taking note of the transformation in the country’s capital market.
Popoola, the NGX Group Managing Director, told the President that the total value of listed stocks had risen from nearly N30 trillion in 2023 to N160 trillion, with expectations that it could reach N230 trillion by the end of the year.
He also disclosed that the All-Share Index, which measures market performance, had increased from 52,000 points in 2023 to 244,000 points.
Popoola said the growth had created significant wealth for investors, estimating that between 500,000 and 900,000 millionaires had emerged from the market’s expansion.
The Chairman of the NRS, Dr. Zacch Adedeji, said the economic reforms were producing measurable results, describing the President’s leadership as critical to the changes recorded.
He said reforms, including tax reforms and subsidy removal, had helped correct longstanding economic distortions.
Meanwhile, the CBN Governor, Yemi Cardoso, said the successful recapitalisation of the banking sector demonstrated growing confidence in Nigeria’s financial system.
He said the exercise, which was initially greeted with scepticism, was achieved largely through domestic resources.
Cardoso added that a stable financial system would attract more investment, stimulate economic growth and positively impact the real sector.
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