By ebosele@hotmail.com –
President Bola Ahmed Tinubu has expressed optimism about Nigeria’s economic outlook, saying positive assessments by experts and improving economic indicators demonstrate that the country is on the path to sustained growth and prosperity.
Speaking on Thursday while receiving the Board and Management of the Nigerian Exchange Group (NGX) at the Presidential Villa, Abuja, the President said his administration’s reforms, anchored on global best practices, had laid a solid foundation for long-term economic development.
The NGX delegation, led by its Chairman, Dr. Umaru Kwairanga, and Group Managing Director/Chief Executive Officer, Temi Popoola, informed the President that the Nigerian stock market had grown significantly, with market capitalisation rising from about N30 trillion when the administration assumed office in 2023 to N160 trillion.
President Tinubu attributed the progress to the commitment of his economic management team, commending the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, 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.
Reflecting on the economic challenges inherited by his administration, the President said difficult but necessary decisions were taken to reposition the economy, stressing that the positive performance of the stock market reflects broader improvements in the nation’s economic fundamentals.
He reaffirmed that Nigeria’s target of building a one trillion-dollar economy remains achievable, citing the country’s abundant human and natural resources, while also announcing plans to reform the Nigerian National Petroleum Company (NNPC) Limited and eventually list it on the capital market.
Tinubu emphasised the critical role of the private sector in driving economic expansion, creating jobs and supporting government efforts, noting that his administration would continue to encourage investments capable of accelerating national development.
Earlier, the Minister of Finance described Nigeria’s capital market as one of the best-performing globally, attributing the impressive growth to the administration’s economic reforms.
He noted that the capital market offers significant opportunities for wealth creation and urged young Nigerians to consider investing in stocks rather than focusing mainly on virtual assets and gambling.
Oyedele also advocated reforms to simplify the listing process and challenged the NGX and the Securities and Exchange Commission (SEC) to work towards expanding the market to a one trillion-dollar valuation.
Speaking on behalf of the NGX, Dr. Kwairanga said investor confidence had improved remarkably due to the government’s reform agenda, adding that Nigeria possesses the capacity to attain a one trillion-dollar economy before 2030.
He recalled discussions with investors at the London Stock Exchange, where Nigeria’s economic reforms and the rapid turnaround of the NGX attracted international attention.
Providing further details, NGX Group Managing Director, Temi Popoola, disclosed that the market’s total value had increased from approximately N30 trillion in 2023 to N160 trillion, with projections indicating it could reach N230 trillion before the end of 2026.
He also revealed that the NGX All-Share Index had surged from about 52,000 points to 244,000 points within the period, adding that the reforms had created substantial wealth, with an estimated 500,000 to 900,000 Nigerians becoming millionaires through stock market investments.
Popoola noted that several African countries are now looking to Nigeria as a model for capital market development.
Also speaking, Chairman of the National Revenue Service, Dr. Zacch Adedeji, praised President Tinubu’s leadership, saying the administration’s tax reforms and removal of fuel subsidy had corrected long-standing structural distortions in the economy and laid the foundation for sustainable growth.
CBN Governor Olayemi Cardoso highlighted the success of the banking sector recapitalisation programme, noting that despite initial scepticism, the exercise was completed successfully, with about 75 per cent of the funding sourced domestically.
According to Cardoso, the successful recapitalisation has strengthened confidence in Nigeria’s financial system and positioned the economy to attract greater investment capable of driving growth in the real sector.
