The Nigerian Exchange Group (NGX) has announced that President Bola Tinubu's economic reforms have created an estimated 500,000 to 900,000 new millionaires in Nigeria, driven by significant gains in the country's stock market.
Temi Popoola, the group managing director and chief executive officer of NGX Group, revealed this during a visit by the NGX board and management to the president at the State House in Abuja. He directly linked the wealth creation to the strong performance of the Nigerian stock market since Tinubu assumed office in May 2023.
Market Surge Under Tinubu
Popoola highlighted the market's remarkable growth, noting that the total value of listed equities on the exchange climbed from approximately N30 trillion in 2023 to N160 trillion today. The NGX All-Share Index also rose from 52,000 points to 244,000 points over the same period.
"Mr President, tied to all these is a lot of wealth that has been created for many people. We don't have exact figures, but we estimate that about 500,000 to 900,000 millionaires have been created as a result of reforms," Popoola said.
The speed of the index's rise has surprised even seasoned market participants. "When we reached 100,000, we didn't know how to calculate it anymore because it is not something that we are used to seeing," he added.
Future Projections and Regional Influence
Looking ahead, Popoola projected that the total value of listed stocks could reach N230 trillion by the end of 2026, driven by new listings and growing investor confidence. "By the end of this year — with the listing that we are seeing in our market — we expect that figure to rise to N230 trillion," he said.
The NGX CEO also noted that the market's rapid expansion has caught the attention of other African countries, which are now looking to Nigeria as a reference point for developing their own capital markets. This reflects the broader impact of the reform agenda on investor confidence in Nigeria.
These developments underscore the transformative effect of economic policies on the nation's financial landscape, positioning Nigeria as a hub for capital market growth in Africa.
