Tinubu Hails Economic Team, NGX as Stock Market Jumps from N30trn to N160trn

President Bola Tinubu on Thursday commended his Economic Management Team and the Nigerian Exchange Group, NGX, for driving what he described as a “remarkable turnaround” in the economy, with the nation’s stock market capitalisation surging from N30 trillion in 2023 to N160 trillion today.

The President made the remarks at the State House in Abuja while receiving the Board and Management of the NGX, led by Chairman Dr. Umaru Kwairanga and Group Managing Director/CEO Temi Popoola.

—“The Reforms Are Working”—

Tinubu said the positive reviews from experts and improving economic indicators signaled a brighter future for Nigerians.

“I can see the excitement in the room. All I can do is to celebrate you all today. It is a thing of joy to have this feedback,” he said.

“When we took over, it was very challenging. I had to talk to myself and define my background to accept the assets and liabilities of my predecessor. I asked for the job, and I have to do it.”

The President singled out members of the Economic Management Team for praise: Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele; Minister of Budget and National Planning Atiku Bagudu; CBN Governor Yemi Cardoso; and Chairman/CEO of the Nigeria Revenue Service, Dr. Zacch Adedeji.

“I found a partner in the CBN Governor, Yemi Cardoso. We were in the negative with monetary policy and the reserve. We had N30 trillion printed, and there were liabilities. I thank you very much, Yemi Cardoso,” Tinubu said.

—NGX: From N30trn to N160trn, 500,000 New Millionaires—

Popoola briefed the President on the market’s performance.

“The picture today is that when you took office in 2023, the total value of stocks listed in Nigeria was just shy of N30 trillion. Today, Mr President, that figure is N160 trillion. By the end of this year – with the listings that we are seeing – we expect that figure to rise to N230 trillion,” he said.

He added that the All-Share Index had climbed from 52,000 in 2023 to 244,000 today.

“Tied to all these is a lot of wealth that has been created for many people. We estimate that about 500,000 to 900,000 millionaires have been created as a result of reforms,” Popoola stated.

Kwairanga credited the rally to the administration’s reforms, telling an audience in London last week: “We have a President that is not only a politician but a businessman.”

—Tax, Banking Reforms and $1trn Economy Target—

Minister of Finance Oyedele said the capital market was now “the best performing in the world” and challenged the NGX and SEC to target a $1 trillion market.

“Along with the Securities and Exchange Commission and the regulator, we have seen these improvements… particularly how to attract young people into the market. Many of our young people invest their money in virtual assets and gambling, whereas you can make more money from the capital market,” Oyedele said.

CBN Governor Cardoso said the banking sector recapitalisation, initially met with scepticism, was “done very successfully” with about 75 per cent raised from domestic sources.

Dr. Adedeji said the removal of fuel subsidy and the new tax laws were the bedrock of current stability.

“The first tax law in Nigeria was done in 1923. From that period until the President came into office, nobody has done anything to review the laws… It takes Mr President’s courage and patriotism to face this headlong,” he said.

—Private Sector, NNPCL Listing—

Tinubu said the private sector must lead job creation and investment, citing his support for Aliko Dangote’s refinery project even before his presidency.

He also disclosed that the *NNPCL will be reformed and listed on the capital market* as part of efforts to deepen market liquidity.

“The goal of a one trillion dollar economy is achievable, given the nation’s population, the brilliance and audacity of its people,” the President said.

“My assurance to you is that I won’t stop reading, thinking and supporting you.”

Popoola added that other African markets are now looking to Nigeria as a model for growing their stock markets.