President Bola Tinubu has praised Nigeria’s economic management team and the Nigerian Exchange Group (NGX) for stabilizing the economy and driving a strong rebound in the capital market.
Speaking at the State House in Abuja while receiving NGX officials, Tinubu said recent improvements in economic indicators and positive expert assessments point to a more stable outlook for the country.
According to the NGX, the market has grown significantly, rising from about N30 trillion in 2023 to N160 trillion, with projections to hit N230 trillion before the end of the year. The All-Share Index also climbed sharply from 52,000 points to 244,000 points over the same period.
Tinubu attributed the gains to ongoing economic reforms aligned with global best practices, noting they have laid the foundation for sustainable growth. He commended key officials, including Finance Minister Taiwo Oyedele, Budget Minister Atiku Bagudu, Central Bank Governor Yemi Cardoso, and Nigeria Revenue Service Chairman Zacch Adedeji, for their roles in implementing the reforms.
“If the stock market is doing well, then we are doing well,” the President said, expressing confidence that Nigeria can achieve long-term prosperity through sound policies and private sector investment.
He reiterated his administration’s ambition to build a $1 trillion economy and disclosed plans to reform and eventually list the Nigerian National Petroleum Company Limited (NNPCL) on the capital market.
Officials at the meeting highlighted the broader impact of the reforms. Oyedele described Nigeria’s capital market as one of the fastest-growing globally and a key channel for wealth creation, while urging regulators to simplify listing processes and attract more young investors.
NGX Chairman Umaru Kwairanga said investor confidence has improved, with growing interest from foreign investors, while Group Managing Director Temi Popoola noted that the market rally has created between 500,000 and 900,000 new millionaires.
Adedeji said reforms such as subsidy removal and tax changes are correcting long-standing economic distortions, while Cardoso pointed to the successful bank recapitalization exercise as evidence of renewed confidence in the financial system.
Together, officials said the reforms are strengthening Nigeria’s financial markets and positioning the economy for sustained growth.
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