President Bola Ahmed Tinubu has reaffirmed his administration’s ambition to grow Nigeria into a $1 trillion economy, as the Nigerian Exchange Group (NGX) reported a significant rise in the value of listed equities from about N30 trillion in 2023 to N160 trillion.
Tinubu made the remarks while receiving the Board and Management of the NGX at the Presidential Villa in Abuja, describing the growth of the capital market as a reflection of renewed investor confidence following the implementation of his administration’s economic reforms.
According to the NGX, market capitalisation is projected to reach N230 trillion by the end of 2026, with Nigeria’s stock market emerging among the world’s strongest-performing exchanges.
The President said the performance demonstrated that the Nigerian economy was gaining stronger footing compared with the situation when his administration assumed office.
“We took difficult but necessary decisions, and today we are seeing the results,” Tinubu said.
He commended members of the Economic Management Team and the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, for their contributions to restoring monetary stability and strengthening confidence in the economy.
Tinubu maintained that the $1 trillion economy target remains achievable, citing Nigeria’s large population, entrepreneurial capacity, natural resources and economic potential.
The President also disclosed that the Nigerian National Petroleum Company Limited (NNPCL) would undergo further reforms ahead of its planned listing on the capital market.
Speaking during the meeting, NGX Group Managing Director and Chief Executive Officer, Temi Popoola, said the value of listed equities had increased from nearly N30 trillion in 2023 to N160 trillion.
He added that additional listings expected before the end of the year could push total market capitalisation to about N230 trillion.
Popoola further disclosed that the NGX All-Share Index had risen from approximately 52,000 points in 2023 to about 244,000 points, with the market’s performance estimated to have created between 500,000 and 900,000 new millionaires.
NGX Chairman, Umaru Kwairanga, attributed the market’s expansion to the Federal Government’s economic reforms, while the Minister of Finance and Coordinating Minister of the Economy described Nigeria’s capital market as one of the strongest-performing globally.
The CBN Governor, Yemi Cardoso, also pointed to the successful recapitalisation of Nigerian banks as evidence of renewed confidence in the country’s financial system.
He expressed optimism that continued improvements in macroeconomic stability would attract further investment, strengthen the financial sector and support sustainable economic growth.
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