President Bola Tinubu has expressed optimism about Nigeria’s economic future, saying encouraging economic indicators and growing confidence from investors and financial experts show that the country is on the path to sustained prosperity.
The President made the remarks on Thursday while receiving the Board and Management of the Nigerian Exchange Group (NGX Group) at the Presidential Villa in Abuja, where officials briefed him on the remarkable growth of Nigeria’s capital market since he assumed office in 2023.
According to the NGX delegation, led by Chairman Dr Umaru Kwairanga and Group Managing Director/Chief Executive Officer Temi Popoola, the value of listed stocks on the Nigerian Exchange has surged from about N30 trillion in 2023 to N160 trillion, reflecting renewed investor confidence and stronger market performance.
Tinubu attributed the gains to a series of economic reforms implemented by his administration, describing them as measures aligned with global best practices and designed to lay a solid foundation for long-term growth.
He praised members of his economic team, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Minister of Budget and Economic Planning Atiku Bagudu, Central Bank of Nigeria Governor Yemi Cardoso, and Chairman of the National Revenue Service, Dr Zacch Adedeji, for their commitment to stabilising the economy.
“When we came into office, the situation was extremely challenging. We inherited both assets and liabilities, but we remained focused on finding solutions. Today, the results are becoming visible, and that is something worth celebrating,” the President said.
Tinubu particularly commended Cardoso for his role in restoring confidence in monetary policy and strengthening the country’s financial position.
The President stressed that the performance of the stock market remains a key indicator of economic health, noting that wealth creation and increased investment opportunities are essential for national development.
“If the stock market is doing well, then the economy is doing well. We want to create an environment where young Nigerians can focus on learning, innovation and productivity without being burdened by economic uncertainty,” he stated.
Tinubu also underscored the importance of private sector participation in driving economic growth, job creation and industrial development. He reiterated his long-standing support for indigenous investments, citing his backing for the development of the Dangote Refinery project.
According to him, Nigeria possesses the human and material resources needed to achieve its ambition of becoming a one-trillion-dollar economy.
The President further disclosed that the Nigerian National Petroleum Company Limited (NNPCL) would undergo reforms and eventually be listed on the capital market as part of broader efforts to improve transparency and attract investment.
Earlier, the Minister of Finance highlighted the transformation of Nigeria’s capital market, describing it as one of the strongest-performing markets globally in recent years.
He noted that the market has become a powerful tool for wealth creation and urged more young Nigerians to explore investment opportunities in stocks rather than focusing primarily on virtual assets and gambling.
He also challenged the NGX and the Securities and Exchange Commission (SEC) to pursue a long-term target of growing Nigeria’s capital market to a valuation of one trillion dollars.
Speaking during the meeting, NGX Chairman Dr Umaru Kwairanga credited the market’s resurgence to the economic reforms introduced by the Tinubu administration.
He said Nigeria has the resources, capacity and talent required to attain a one-trillion-dollar economy before 2030 if the reform momentum is sustained.
Kwairanga revealed that discussions at the London Stock Exchange recently drew attention to Nigeria’s rapid market turnaround, which he attributed to strong leadership and investor-focused policies.
Providing details of the market’s performance, NGX Group Managing Director Temi Popoola said the All-Share Index had climbed from about 52,000 points in 2023 to 244,000 points, representing one of the most significant growth periods in the exchange’s history.
He projected that the total market capitalisation could rise further to N230 trillion before the end of the year, driven by new listings and increased investor participation.
Popoola also estimated that economic reforms and market growth had contributed to the emergence of between 500,000 and 900,000 new millionaires across the country.
He added that several African countries are increasingly looking to Nigeria as a model for capital market development and expansion.
On his part, National Revenue Service Chairman Dr Zacch Adedeji said the impact of the administration’s reforms was becoming evident through measurable economic outcomes.
He described the removal of fuel subsidy shortly after Tinubu assumed office as a landmark decision that helped correct longstanding distortions in the economy and laid the groundwork for ongoing reforms.
Meanwhile, CBN Governor Yemi Cardoso said the successful recapitalisation of the banking sector demonstrated growing confidence in Nigeria’s financial system.
According to him, despite initial scepticism, the exercise attracted significant domestic participation, with nearly 75 per cent of the funds sourced locally.
Cardoso noted that sustained macroeconomic stability would continue to attract investments capable of stimulating growth across key sectors of the economy and delivering broader benefits to Nigerians.
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