President Bola Tinubu has declared that Nigeria's economic reforms are yielding positive results, citing the remarkable growth of the stock market from N30 trillion to N160 trillion as evidence of a brighter future for all citizens. He made this statement on Thursday in Abuja while receiving the Board and Management of the Nigerian Exchange Group (NGX) at the State House.
President Commends Economic Team for Reforms
Tinubu praised the Economic Management Team, including Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; Minister of Budget and National Planning, Atiku Bagudu; Central Bank Governor, Yemi Cardoso; and Chairman/CEO of the National Revenue Service (NRS), Dr. Zacch Adedeji, for their foresight and dedication.
"I can see the excitement in the room. All I can do is to celebrate you all today. It is a thing of joy to have this feedback. 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," the President said.
Market Rebound and Wealth Creation
The Nigerian Exchange Group, led by Chairman Umaru Kwairanga and Group Managing Director/CEO Temi Popoola, briefed the President on the market's rebound. Popoola reported that the total value of stocks listed in Nigeria has surged to N160 trillion, up from just shy of N30 trillion when Tinubu took office in 2023. The all-share index has also climbed from 52,000 to 244,000.
"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 added. He also noted that other African markets are looking to Nigeria as a model for stock market growth.
One Trillion Dollar Economy Goal
President Tinubu expressed confidence in achieving a one trillion dollar economy, given the nation's population and the brilliance of its people. He also announced plans to reform the Nigerian National Petroleum Corporation (NNPC) and list it in the capital market.
"If we can push the private sector to invest in the economy wisely, then we will grow. It is one reason why I backed Aliko Dangote even before I became president," Tinubu stated, referencing support for private sector investment in the refinery business.
Minister Highlights Capital Market Performance
Finance Minister Taiwo Oyedele noted that the capital market in Nigeria is the best performing in the world, attributing this to economic reforms. He encouraged young Nigerians to invest in the capital market rather than virtual assets or gambling, and challenged NGX and the Securities and Exchange Commission (SEC) to target a one trillion dollar market.
"The stock market has experienced significant growth over the past few years, especially in the last three years as a result of the reforms in the economy. So much so that the capital market in Nigeria is the best performing in the world," Oyedele said.
NGX Chairman Credits Leadership
NGX Chairman Umaru Kwairanga attributed the market's success to President Tinubu's leadership. He recounted a recent visit to the London Stock Exchange where he was asked about Nigeria's turnaround, responding that it was due to having a president who is both a politician and a businessman.
Kwairanga expressed confidence in achieving the one trillion dollar economy goal, stating, "We have the capacity. We have the resources. We have the material and human resources to reach the one trillion dollar even before 2030 with your support."
NRS Chairman Praises Subsidy Removal
NRS Chairman Dr. Zacch Adedeji praised the President's courage in removing the fuel subsidy, calling it the foundation that corrected distortions affecting the country for the past forty years. He also highlighted the first major tax law review in Nigeria since 1923, which was undertaken under Tinubu's leadership.
"The removal of subsidy is the foundation that corrected the distortion that affected the country in the last forty years. The courage to remove it in less than one hour after taking the oath of office is the bedrock, background and fundamental of the changes we are seeing," Adedeji noted.
CBN Governor on Recapitalisation Success
Central Bank Governor Yemi Cardoso addressed scepticism about banking sector recapitalisation, revealing that close to 75 per cent of the funds raised came from domestic resources, a reversal from past trends. He said this turnaround demonstrates confidence in the financial system.
"A lot of people didn't think it was possible, and now it was done very successfully and, like we found out, close to 75 per cent was domestic resources. In the past it was the other way round," Cardoso said. He added that economic stability will attract more investments, stimulating growth in the real sector.
