Tinubu Hails Nigeria’s Economic Progress as NGX Market Capitalisation Soars to ₦160 Trillion
Tinubu Hails Nigeria’s Economic Progress as NGX Market Capitalisation Soars to ₦160 Trillion
Tinubu Hails Nigeria’s Economic Progress as NGX Market Capitalisation Soars to ₦160 Trillion
President Bola Ahmed Tinubu has expressed optimism about Nigeria’s economic outlook, saying improving economic indicators and growing positive assessments by experts are clear signs that the country’s reform agenda is delivering results and positioning the nation for long-term prosperity.
The President made the remarks on Thursday at the State House, Abuja, while receiving the Board and Management of the Nigerian Exchange Group (NGX), led by its Chairman, Dr. Umaru Kwairanga, and the Group Managing Director/Chief Executive Officer, Temi Popoola.
During the meeting, the NGX leadership informed the President that the Nigerian capital market had witnessed remarkable growth, with market capitalisation rising from about ₦30 trillion in 2023 to ₦160 trillion, while projections indicate it could reach ₦230 trillion before the end of 2026.
President Tinubu attributed the progress to the bold economic reforms introduced by his administration, noting that the policies align with global best practices and have created a strong foundation for sustainable economic growth.
He commended 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, Senator 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 and dedication to implementing critical reforms.
The President recalled the economic challenges inherited at the beginning of his administration, stressing that his government remained resolute in restoring stability and rebuilding confidence in the economy.
He noted that the reforms had strengthened monetary policy, restored investor confidence and repositioned the capital market as a major driver of wealth creation and economic expansion.
President Tinubu also emphasised the vital role of the private sector in creating jobs and stimulating economic growth, reaffirming his administration’s commitment to providing an enabling environment for businesses to thrive.
According to him, Nigeria possesses the human and natural resources required to achieve a one trillion-dollar economy, adding that the Nigerian National Petroleum Company Limited (NNPC Ltd.) would also be reformed and eventually listed on the capital market.
Speaking during the meeting, the Minister of Finance and Coordinating Minister of the Economy said the Nigerian capital market had become one of the best-performing markets globally, driven largely by the administration’s economic reforms.
He noted that ongoing innovations by the Securities and Exchange Commission (SEC) and the Nigerian Exchange were creating new investment opportunities, particularly for young Nigerians, while encouraging greater participation in the capital market.
NGX Chairman, Dr. Umaru Kwairanga, described the market’s impressive performance as a direct outcome of the Federal Government’s reform agenda, expressing confidence that Nigeria could achieve a one trillion-dollar economy before 2030 with sustained policy support.
He said the country’s abundant human and natural resources, combined with bold leadership, provide a strong foundation for accelerated economic growth.
Providing further insight into the market’s performance, NGX Group Managing Director and CEO, Temi Popoola, disclosed that the All-Share Index had risen significantly from about 52,000 points in 2023 to over 244,000 points, reflecting increased investor confidence and strong market performance.
He estimated that the ongoing reforms had contributed to the creation of between 500,000 and 900,000 new millionaires, while noting that several African markets now look to Nigeria as a model for capital market development.
Also speaking, CBN Governor Olayemi Cardoso said the successful recapitalisation of the banking sector demonstrated growing confidence in Nigeria’s financial system, noting that approximately 75 per cent of the funds raised came from domestic investors.
According to him, the improved stability of the economy is expected to attract more investments, strengthen the financial sector and support sustainable growth across the real economy.
The meeting reaffirmed the Federal Government’s commitment to sustaining reforms aimed at deepening economic growth, strengthening investor confidence and expanding opportunities for businesses and citizens under the Renewed Hope Agenda.
Tinubu Hails Nigeria’s Economic Progress as NGX Market Capitalisation Soars to ₦160 Trillion
