President Bola Tinubu recently stated in Abuja that positive expert evaluations and strengthening economic indicators point toward a brighter future for the nation. During a meeting with the Nigerian Exchange Group (NGX) leadership, the President noted that his administration’s reforms align with global standards and have provided a framework for long-term growth.
The NGX team, headed by Chairman Dr. Umaru Kwairanga and CEO Temi Popoola, reported a dramatic market recovery, noting that total listed stock value has climbed from N30 trillion in 2023 to N160 trillion today. The President commended his economic advisors, including Finance Minister Taiwo Oyedele, Budget Minister Atiku Bagudu, CBN Governor Yemi Cardoso, and National Revenue Service head Dr. Zacch Adedeji, for their diligence in navigating the initial challenges of his tenure.
Reflecting on the progress, President Tinubu emphasized the importance of private sector investment for job creation, citing his long-term support for industrial growth. He expressed confidence that Nigeria could reach a one trillion-dollar economy by leveraging its human and material resources. Plans were also mentioned to eventually list the NNPC on the capital market.
Minister Oyedele highlighted that Nigeria’s capital market is currently among the best-performing globally, having fostered significant wealth creation. He encouraged the NGX to focus on attracting younger investors who currently favor alternative assets. Meanwhile, the NGX leadership shared that the all-share index has surged from 52,000 to 244,000 during the President’s time in office, effectively creating hundreds of thousands of new millionaires.
Dr. Zacch Adedeji credited the President’s courageous decision to remove fuel subsidies as the fundamental turning point for the economy. Additionally, CBN Governor Yemi Cardoso noted the successful completion of banking sector recapitalization, which relied primarily on domestic capital, signaling restored confidence in the country’s financial institutions.
