President Bola Ahmed Tinubu has said Nigeria is on the path to greater prosperity if the country’s stock market continues its impressive growth, following the Nigerian Exchange (NGX) reaching a market capitalisation of N160 trillion.
The President made the remarks on Thursday while receiving the board and management of NGX Group at the State House in Abuja.
The delegation, led by NGX Group Chairman Umaru Kwairanga and the company’s Managing Director/Chief Executive Officer, Temi Popoola, briefed Tinubu on the remarkable progress recorded by the Nigerian capital market since he assumed office in May 2023.
According to Popoola, the total value of companies listed on the Nigerian Exchange has increased from about N30 trillion in 2023 to N160 trillion, while the NGX All-Share Index (ASI) has risen from about 52,000 points to 244,000 points.
Reacting to the development, President Tinubu described the stock market’s performance as evidence that the country’s economic reforms are producing positive results.
“If the stock market is doing well, then we are doing well,” the President said.
He added that a stronger economy would create more opportunities for Nigerians and help build a prosperous nation.
Tinubu also praised the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, for supporting the administration’s economic reforms.
According to the President, Nigeria has overcome major monetary and fiscal challenges through coordinated policy measures.
He reaffirmed his administration’s commitment to building a $1 trillion economy, noting that the private sector will play a leading role in achieving that target.
Tinubu further disclosed that the Nigerian National Petroleum Company (NNPC) Limited would eventually be reformed and listed on the capital market.
The President also commended members of his economic management team, including Finance Minister Wale Edun, Budget and Economic Planning Minister Atiku Bagudu, CBN Governor Olayemi Cardoso, National Revenue Service Chairman Zacch Adedeji, and Presidential Fiscal Policy Chairman Taiwo Oyedele, for implementing reforms aimed at stabilising the economy.
Speaking during the meeting, Temi Popoola projected that the market value of listed companies could rise further to about N230 trillion before the end of the year as more firms join the exchange.
He said the rally in the stock market has created significant wealth for investors.
According to him, between 500,000 and 900,000 Nigerians have become millionaires due to the growth in the capital market.
Popoola also noted that several African countries are now looking to Nigeria as a model for capital market development.
Similarly, NGX Group Chairman Umaru Kwairanga attributed the exchange’s performance to the Federal Government’s ongoing economic reforms, expressing confidence that Nigeria can achieve its ambition of becoming a $1 trillion economy before 2030.
On his part, Taiwo Oyedele described the Nigerian stock market as one of the world’s best-performing markets in recent years.
He encouraged the NGX and the Securities and Exchange Commission (SEC) to simplify the listing process and attract more young Nigerians to invest in the capital market instead of speculative assets.
CBN Governor Olayemi Cardoso also highlighted the successful recapitalisation of the banking sector, revealing that about 75 percent of the capital raised came from domestic investors.
He expressed confidence that continued economic stability would attract more investments and support growth across key sectors of the Nigerian economy.
