President Bola Ahmed Tinubu has expressed optimism about Nigeria’s economic outlook, saying positive assessments from experts and improving economic indicators demonstrate that the country’s reform agenda is delivering results and paving the way for sustainable prosperity.
The President made the remarks on Thursday while receiving the Board and Management of the Nigerian Exchange Group (NGX) at the Presidential Villa in Abuja.
Led by Chairman Dr. Umaru Kwairanga and Group Managing Director/Chief Executive Officer Temi Popoola, the NGX delegation briefed the President on the remarkable growth of Nigeria’s capital market, revealing that the total value of listed stocks has increased from ₦30 trillion in 2023 to ₦160 trillion, with projections to reach ₦230 trillion before the end of the year.
President Tinubu attributed the progress to his administration’s bold economic reforms, stating that they align with global best practices and have laid a solid foundation for long-term economic growth.
Reflecting on the challenges his administration inherited, the President praised members of the Economic Management Team, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele; Minister of Budget and Economic Planning, Atiku Bagudu; Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso; and Chairman of the National Revenue Service (NRS), Dr. Zacch Adedeji, for their dedication in steering the economy toward recovery.
He noted that the private sector remains central to Nigeria’s economic transformation, stressing that increased private investment will create jobs, expand industries and accelerate national development.
President Tinubu also reaffirmed his administration’s commitment to achieving a $1 trillion economy, describing the target as attainable given Nigeria’s abundant human and natural resources. He further disclosed plans to reform the Nigerian National Petroleum Company Limited (NNPC) and eventually list it on the capital market.
Minister of Finance Wale Edun described Nigeria’s stock market as one of the best-performing globally, attributing its impressive growth to the government’s reform policies. He encouraged more young Nigerians to embrace investments in the capital market instead of focusing primarily on virtual assets and gambling.
NGX Chairman Dr. Umaru Kwairanga commended the President’s leadership, saying Nigeria’s economic reforms have restored investor confidence and attracted global recognition. He expressed confidence that the country could achieve a $1 trillion economy before 2030.
Providing further insights, NGX Group Managing Director Temi Popoola revealed that the market’s benchmark All-Share Index has surged from 52,000 points in 2023 to approximately 244,000 points, while estimating that the reforms have created between 500,000 and 900,000 new millionaires through wealth generated in the capital market.
Chairman of the National Revenue Service, Dr. Zacch Adedeji, described the removal of fuel subsidy as a landmark decision that corrected decades of economic distortions, adding that the administration’s tax reforms have modernised Nigeria’s fiscal framework for the first time in nearly a century.
CBN Governor Yemi Cardoso also highlighted the successful recapitalisation of Nigeria’s banking sector, noting that about 75 per cent of the capital raised came from domestic investors, a development he said reflects growing confidence in the country’s financial system and will support increased investment in the real sector of the economy.
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