Tinubu Hails Economic Team As Stock Market Capitalisation Rises To N160 Trillion
By Tams Jonah, ABUJA – President Bola Ahmed Tinubu has commended Nigeria’s economic management team and the Nigerian Exchange Group (NGX) for what he described as the successful implementation of economic reforms that have stabilised the economy and driven remarkable growth in the country’s capital market.
Speaking on Thursday at the State House while receiving the Board and Management of the Nigerian Exchange Group, President Tinubu said the growing confidence of investors, positive assessments by economic experts and improving economic indicators demonstrate that Nigeria is on a path toward long-term prosperity.
The President praised members of the Economic Management Team, including 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), Olayemi Cardoso, and the Chairman of the National Revenue Service (NRS), Dr Zacch Adedeji, for their commitment to implementing reforms that have restored confidence in the economy.
Reflecting on the challenges inherited at the beginning of his administration, Tinubu said difficult but necessary decisions had laid the foundation for economic recovery.
“When we took over, the situation was extremely challenging, but we accepted the responsibility of fixing the economy. The reforms were necessary, and today the results are beginning to speak for themselves,” the President said.
He particularly commended CBN Governor Olayemi Cardoso for helping to restore stability to Nigeria’s monetary policy and financial system, noting that the administration inherited significant fiscal and monetary challenges.
Tinubu said the performance of the stock market reflects the overall health of the economy, stressing that a vibrant capital market creates wealth, attracts investment and supports national development.
He also reaffirmed his administration’s commitment to encouraging greater private sector participation, saying economic growth would be driven by increased investments and stronger partnerships between government and businesses.
The President reiterated that his administration remains committed to achieving a one trillion dollar economy, expressing confidence that Nigeria possesses the human and natural resources required to attain the target. He also disclosed that the Nigerian National Petroleum Company Limited (NNPC) would be reformed and eventually listed on the Nigerian capital market.
Earlier, Chairman of the Nigerian Exchange Group, Dr Umaru Kwairanga, attributed the strong performance of the capital market to the administration’s economic reforms.
He said the market had witnessed unprecedented growth since President Tinubu assumed office, adding that Nigeria has the capacity to achieve a one trillion dollar economy before 2030 with sustained reforms.
Group Managing Director and Chief Executive Officer of NGX, Temi Popoola, revealed that the total value of listed equities had increased from about ₦30 trillion in 2023 to ₦160 trillion, with projections indicating the market could reach ₦230 trillion before the end of 2026.
According to him, the NGX All-Share Index has also risen significantly from approximately 52,000 points when the administration came into office to 244,000 points, describing the growth as unprecedented.
Popoola estimated that between 500,000 and 900,000 Nigerians had attained millionaire status through wealth created by the stock market’s strong performance.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described Nigeria’s capital market as one of the world’s best-performing markets, noting that ongoing reforms have improved investor confidence and expanded opportunities for wealth creation.
He urged regulators to simplify listing requirements and encourage more young Nigerians to invest in the capital market instead of speculative ventures such as gambling and virtual assets.
Chairman of the National Revenue Service, Dr Zacch Adedeji, said President Tinubu’s economic vision is producing measurable results, citing tax reforms and the removal of fuel subsidy as landmark decisions that corrected longstanding distortions in the economy.
CBN Governor Olayemi Cardoso also highlighted the successful recapitalisation of Nigeria’s banking sector, noting that nearly 75 per cent of the funds raised came from domestic investors, demonstrating renewed confidence in the country’s financial system.
He expressed optimism that sustained macroeconomic stability would continue to attract local and foreign investments, stimulate economic growth and strengthen the real sector.
