President Tinubu Hails Economic Team as Stock Market Soars from N30trn to N160trn

By Our Correspondents, Abuja

President Bola Ahmed Tinubu has lauded his economic management team and the Nigerian Exchange Group (NGX) for steering the country’s stock market from a valuation of N30 trillion in 2023 to an impressive N160 trillion, describing the feat as evidence that his administration’s reforms are laying a solid foundation for long-term prosperity.

The President spoke on Thursday at the State House in Abuja during a meeting with the Board and Management of the Nigerian Exchange Group, led by Chairman Dr Umaru Kwairanga and Group Managing Director/Chief Executive Officer Temi Popoola. The delegation had briefed him on the remarkable turnaround of the capital market, which has also seen the all-share index climb from 52,000 basis points to 244,000 since he took office.

“This is a thing of joy,” President Tinubu told the gathering. “When we took over, it was very challenging. I had to talk to myself and define my background to accept the assets and liabilities of my predecessor. I asked for the job, and I have to do it.”

The President singled out Central Bank Governor Yemi Cardoso for special praise, recalling their early days of strategising together. “I found a partner in the CBN Governor. We were in the negative with monetary policy and the reserve. We had N30 trillion printed, and there were liabilities. I thank you very much, Yemi Cardoso.”

He also commended the broader economic team—comprising Finance Minister and Coordinating Minister for the Economy Taiwo Oyedele, Budget and National Planning Minister Atiku Bagudu, and National Revenue Service Chairman Dr Zacch Adedeji—for their foresight, dedication, and diligence.

“I can see the excitement in the room. All I can do is to celebrate you all today,” the President said. “If the stock market is doing well, then we are doing well.”

The NGX leadership painted a vivid picture of the market’s resurgence. Popoola disclosed that by the end of 2026, the market capitalisation could hit N230 trillion, driven by new listings currently in the pipeline. He also estimated that between 500,000 and 900,000 new millionaires have been created as a direct result of the market boom.

“When we reached 100,000 on the all-share index, we didn’t know how to calculate it anymore because it is not something that we are used to seeing,” Popoola said, referring to the index’s extraordinary climb.

Dr Kwairanga, the NGX Chairman, revealed that Nigeria’s capital market is now being looked upon as a model across Africa. He recounted a recent visit to the London Stock Exchange, where international investors asked what Nigeria had done differently. His response, he said, was simple: “It is because of the leadership of President Bola Ahmed Tinubu. We have a President that is not only a politician but a businessman.”

Finance Minister Taiwo Oyedele added that the capital market is now the best-performing in the world, attributing the growth to the administration’s reform agenda. He noted that regulators, including the Securities and Exchange Commission, are working on innovations to attract young Nigerians into the market, steering them away from gambling and virtual assets toward wealth-creating investments.

“The capital market is one of the fastest ways to create wealth for millions of Nigerians,” Oyedele said.

The President reaffirmed his commitment to further reforms, including the planned restructuring and eventual listing of the Nigerian National Petroleum Company (NNPC) on the capital market. He also reiterated his belief that Nigeria’s goal of becoming a one-trillion-dollar economy is achievable, given the nation’s population, talent, and audacity.

“If we can push the private sector to invest in the economy wisely, then we will grow,” Tinubu said, citing his longstanding support for industrialists like Aliko Dangote as evidence of his private-sector-first philosophy. “We can build a nation of prosperity by itself.”

CBN Governor Cardoso, meanwhile, highlighted the successful banking sector recapitalisation as another pillar of confidence, noting that nearly 75 percent of the funds raised came from domestic sources—a reversal of past trends where foreign capital dominated.

The meeting ended with a presidential challenge to the NGX and the Securities and Exchange Commission to set their sights on a one-trillion-dollar market capitalisation target. Dr Zacch Adedeji, Chairman of the National Revenue Service, described the President’s vision as “becoming clearer with evidence in facts and figures,” adding that the removal of fuel subsidy—executed within an hour of Tinubu’s inauguration—was the bedrock of the current economic turnaround.

“The first tax law in Nigeria was done in 1923. From that period until the President came into office, nobody has done anything to review the laws, neither the colonial nor the military. It takes Mr President’s courage and patriotism to focus and face this headlong, not minding politics,” Adedeji said.

President Tinubu assured the team of his continued support, vowing: “I won’t stop reading, thinking and supporting you.”