By Ayomide Otitoju
President Bola Ahmed Tinubu has said positive assessments of Nigeria’s economy and improving economic indicators point to a brighter future for Nigerians.
Tinubu spoke on Thursday in Abuja when he received the board and management of the Nigerian Exchange Group (NGX) at the State House.
The President said his administration’s economic reforms were consistent with global best practices and had helped stimulate economic activity while laying the foundation for sustainable long-term growth.
The NGX delegation, led by Chairman Umaru Kwairanga and Group Managing Director/Chief Executive Officer Temi Popoola, briefed the President on the growth of Nigeria’s capital market.
According to the delegation, the total value of listed stocks rose from about ₦30 trillion in 2023 to ₦160 trillion, with the figure projected to reach ₦230 trillion by the end of the year.
Tinubu commended members of his Economic Management Team, including Finance and Coordinating Minister of the Economy, Taiwo Oyedele; Budget and Economic Planning Minister, Atiku Bagudu; Central Bank of Nigeria Governor, Olayemi Cardoso; and National Revenue Service Chairman, Zacch Adedeji, for their contributions to the economic reforms.
The President said Nigeria had the capacity to build a prosperous economy, stressing that strong capital market performance was an important indicator of economic progress.
He also emphasised the role of the private sector in creating jobs, attracting investment and supporting economic growth.
Tinubu said his administration would continue to support private-sector investment and disclosed that the Nigerian National Petroleum Company Limited (NNPCL) would be reformed and eventually listed on the capital market.
The President further said Nigeria’s ambition of building a $1 trillion economy was achievable, citing the country’s population, human capital and resources.
Oyedele said Nigeria’s capital market had recorded significant growth in recent years, describing it as one of the strongest-performing markets globally.
He said the government, in collaboration with the Securities and Exchange Commission and other regulators, was working on innovations to attract more young Nigerians to the capital market.
Oyedele also called for a simpler listing process and challenged the NGX and SEC to set a target of growing the market to $1 trillion.
Kwairanga attributed the growth of the NGX to the economic reforms implemented by the Tinubu administration, saying the country had the resources and human capital needed to achieve the $1 trillion economy target.
He said Nigeria’s capital market had been underutilised for years but was now attracting greater international attention.
Popoola provided further details on the market’s performance, saying the value of listed stocks had increased from about ₦30 trillion when Tinubu assumed office in 2023 to ₦160 trillion.
He said the NGX All-Share Index had also risen from about 52,000 points in 2023 to approximately 244,000 points.
Popoola said the market’s growth had created significant wealth for investors, although he noted that the exact number of beneficiaries could not be confirmed.
He added that other African countries were studying Nigeria’s experience as they seek to strengthen their own capital markets.
Adedeji said the President’s economic vision was increasingly reflected in measurable improvements across the economy.
He identified the removal of fuel subsidy as a key reform that helped address longstanding economic distortions and described the government’s tax reforms as another major step towards restructuring the economy.
CBN Governor Olayemi Cardoso said the recapitalisation of the banking sector, which initially faced scepticism, had been successfully implemented, with about 75 per cent of the capital raised coming from domestic sources.
Cardoso said the successful recapitalisation demonstrated growing confidence in Nigeria’s financial system.
He added that greater economic stability would help attract investment, stimulate business activity and support growth in the real sector.
