Nigeria’s capital market has recorded one of its fastest expansions on record, with the value of listed equities rising from about N30 trillion in 2023 to N160 trillion, President Bola Ahmed Tinubu said yesterday.
Members of the President’s Economic Management Team (EMT) and the Nigerian Exchange Group (NGX) were hosted at the State House in Abuja, where the President commended them for stabilising the economy and driving the rebound.
Led by NGX Chairman Dr. Umaru Kwairanga and Group Managing Director Temi Popoola, the delegation told Tinubu the market is projected to hit N230 trillion before year end.
“When we took over, it was very challenging,” Tinubu said. “I had to accept the assets and liabilities of my predecessor. If the stock market is doing well, then we are doing well.”
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The President singled out Finance Minister Dr. Taiwo Oyedele, Budget Minister Senator Atiku Bagudu, CBN Governor Yemi Cardoso and National Revenue Service Chairman Dr. Zacch Adedeji for their roles in the reforms.
Cardoso was credited with monetary reforms and a successful bank recapitalisation that drew about 75 percent of funds from domestic sources. Adedeji said the removal of fuel subsidy within an hour of inauguration laid the foundation for correcting distortions of the past 40 years.
Popoola gave performance figures to back the growth. The All-Share Index climbed from 52,000 in May 2023 to 244,000. He estimated that between 500,000 and 900,000 new millionaires have emerged from the rally, and said other African exchanges are now studying Nigeria’s model.
Oyedele described Nigeria’s market as the best-performing globally in the last three years, and urged the NGX and SEC to simplify listing rules to attract young investors who currently favour virtual assets and gambling.
Kwairanga said Nigeria’s progress drew attention at the London Stock Exchange last week. “We have the resources to reach a one-trillion-dollar economy even before 2030 with your support,” he told the President.
Tinubu said sustained growth will depend on stronger private sector investment and reaffirmed plans to reform and list the NNPC on the exchange.
“I won’t stop reading, thinking and supporting you,” he told the team.
