By Osaretin Osadebamwen
President Bola Ahmed Tinubu has praised members of the Economic Management Team and the leadership of the Nigerian Exchange Group (NGX) for their strategic roles in stabilizing the national economy and driving a substantial rebound in the capital market.
Receiving the Board and Management of the NGX at the State House in Abuja, President Tinubu noted that improving macroeconomic indicators and favorable assessments from financial experts signal a brighter economic future for the country.
The visiting NGX delegation, led by Group Chairman Dr. Umaru Kwairanga and Group Managing Director/CEO Temi Popoola, officially briefed the President on the market’s trajectory, revealing a massive expansion from approximately N30 trillion in 2023 to N160 trillion.
Attributing the rapid growth to ongoing structural reforms aligned with global best practices, President Tinubu stated that these policy shifts have laid a solid foundation for sustainable national development.
The President specifically commended key economic leaders—including Minister of Finance Taiwo Oyedele, Minister of Budget Atiku Bagudu, Central Bank Governor Yemi Cardoso, and Nigeria Revenue Service Chairman Dr. Zacch Adedeji—for their dedication to the reform agenda.
Acknowledging the difficult economic conditions inherited by his administration, President Tinubu expressed firm confidence in Nigeria’s capacity to achieve long-term prosperity through disciplined policy execution and collective effort.
He highlighted Central Bank Governor Yemi Cardoso’s leadership in executing crucial monetary policy reforms, reaffirming the federal government’s total commitment to supporting the economic team as private sector investment expands.
“If the stock market is doing well, then we are doing well,” President Tinubu asserted during the meeting, reiterating that “Nigeria can build a nation of prosperity by itself” through private-sector-led investments and sustainable policy backing.
Emphasizing the indispensable role of the private sector, President Tinubu noted that increased corporate investment remains vital for job creation and driving broader national growth.
The President maintained that his administration’s ambitious target of achieving a $1 trillion economy is realistic, given Nigeria’s vast population, natural resources, and human capital, while also disclosing plans to reform and list the Nigerian National Petroleum Company Limited (NNPCL) on the capital market.
In his remarks, Minister of Finance Taiwo Oyedele highlighted that economic reforms have positioned the Nigerian capital market as one of the fastest-growing globally and a primary vehicle for wealth creation.
Oyedele stated that the Ministry, alongside the Securities and Exchange Commission (SEC), is actively working to attract younger investors who currently favor virtual assets into more sustainable capital market opportunities.
The Finance Minister challenged both the NGX and SEC to streamline listing processes and work toward elevating the market to a $1 trillion valuation.
Corroborating the market’s trajectory, NGX Chairman Dr. Umaru Kwairanga credited the administration’s policies for restoring investor confidence—both domestically and internationally—and expressed optimism about achieving a $1 trillion economy before 2030.
NGX Group Managing Director Temi Popoola further detailed the market’s performance, revealing that the All-Share Index surged from 52,000 points in 2023 to 244,000 points, projecting the market’s total value could reach N230 trillion by year-end and creating an estimated 500,000 to 900,000 millionaires.
Adding to the discussion, Nigeria Revenue Service Chairman Dr. Zacch Adedeji emphasized that key policy adjustments, such as tax reforms and fuel subsidy removal, have successfully corrected long-standing economic distortions to deliver measurable results.
Central Bank Governor Yemi Cardoso addressed the banking sector’s ongoing recapitalization exercise, noting that initial public skepticism has been overcome as the process continues to draw heavily on domestic capital reserves.
Cardoso emphasized that the successfully recapitalized banking framework serves as a cornerstone for overall financial system stability, which is vital for building long-term investor trust across the country.
He concluded that a resilient and stable financial sector will continue to mobilize essential investments, stimulate broader macroeconomic growth, and deliver tangible economic benefits directly to the real sector.
