Tinubu Celebrates N160 Trillion Market Milestone, Unveils Bold Plan to List NNPC on Stock Exchange
President Bola Tinubu has credited his administration’s economic team and the Central Bank of Nigeria (CBN) for the country’s increasingly positive economic trajectory, highlighted by the Nigerian Exchange Group (NGX) hitting a staggering N160 trillion in market capitalization.
Speaking at the State House on Thursday while hosting the Board and Management of the NGX, President Tinubu noted that ongoing financial reforms have aligned the country with global best practices. These efforts, he stated, have successfully laid a foundation for sustainable, long-term economic growth.
The NGX delegation, led by Chairman Umaru Kwairanga and Group Managing Director/CEO Yemi Popoola, officially briefed the President on the market’s massive rebound. According to a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the market’s value skyrocketed from N30 trillion in 2023 to its current N160 trillion mark.
Praise for the Economic Brain Trust
President Tinubu commended key figures in his Economic Management Team for their foresight and dedication. He specifically lauded the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; Minister of Budget and National Planning, Atiku Bagudu; CBN Governor, Yemi Cardoso; and Chairman of the National Revenue Service, Zacch Adedeji.
Reflecting on the turbulent beginning of his administration, Tinubu said, “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. 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.”
The President emphasized the direct link between a thriving stock market and national prosperity. “If the stock market is doing well, then we are doing well… Nigeria can build a nation of prosperity by itself,” he added.
Reforming the NNPC and Chasing a $1 Trillion Economy
Reiterating his ambitious goal of building a $1 trillion economy, Tinubu expressed confidence that Nigeria’s population, brilliance, and audacity make the target achievable. To further this vision, he announced that the Nigerian National Petroleum Company (NNPC) Limited will undergo structural reforms before being listed on the capital market to boost private sector investment.
Tinubu highlighted the critical role of private enterprises in job creation and national growth, noting that wise investments from the private sector are fundamental to economic expansion.
A Call to Nigerian Youth
The Minister of Finance echoed the President’s optimism, describing the Nigerian capital market as the best-performing globally due to the administration’s sweeping reforms. Noting that the stock market is one of the fastest avenues for wealth creation, the Minister revealed that the government is collaborating with the Securities and Exchange Commission (SEC) to attract younger investors.
“Many of our young people invest their money in virtual assets and gambling, whereas you can make more money from the capital market,” the Minister stated, challenging the NGX and SEC to simplify the listing and investment process for everyday Nigerians.
