Nigeria’s stock market rebound signals brighter economic future — Tinubu

President Bola Tinubu has said the strong performance of Nigeria’s capital market and improving economic indicators signal a brighter economic future for Nigerians.

Tinubu stated this on Thursday in Abuja when he received the board and management of the Nigerian Exchange Group (NGX) at the State House.

The President said the economic reforms implemented by his administration had followed global best practices and helped stimulate growth while laying the foundation for long-term economic sustainability.

The NGX delegation, led by its Chairman, Umaru Kwairanga, and Group Managing Director and Chief Executive Officer, Temi Popoola, told the President that the value of listed stocks had risen from about N30 trillion when he assumed office in 2023 to N160 trillion.

Popoola said the figure could rise to N230 trillion by the end of 2026, driven by new listings and continued market growth.

He also disclosed that the NGX All-Share Index had risen from 52,000 points in 2023 to 244,000 points, describing the development as an unprecedented expansion of the Nigerian capital market.

According to him, the market’s growth had created substantial wealth, with an estimated 500,000 to 900,000 millionaires emerging from the reforms.

Tinubu commended members of his Economic Management Team, including Finance Minister Taiwo Oyedele, Budget and National Planning Minister Atiku Bagudu, Central Bank Governor Yemi Cardoso and National Revenue Service Chairman Zacch Adedeji, for their contributions to the economic reforms.

“If the stock market is doing well, then we are doing well,” the President said, adding that Nigeria had the capacity to build a prosperous economy.

Tinubu also expressed confidence that Nigeria could achieve a $1 trillion economy, citing the country’s population, human capital and natural resources.

He further disclosed that the Nigerian National Petroleum Company Limited would be reformed and listed on the capital market as part of efforts to deepen investment and participation in the economy.

Oyedele said Nigeria’s capital market had become one of the world’s best-performing markets, attributing the growth to economic reforms and improved regulation.

He urged the NGX and the Securities and Exchange Commission to simplify the listing process and set a target of growing the Nigerian capital market to $1 trillion.

Meanwhile, CBN Governor Cardoso said the successful recapitalisation of the banking sector had strengthened confidence in Nigeria’s financial system.

He said about 75 per cent of the capital raised during the exercise came from domestic resources, describing the development as evidence of growing confidence in the Nigerian economy.

The NGX chairman said the market’s turnaround was largely driven by the leadership and economic reforms of the Tinubu administration, expressing confidence that Nigeria could achieve a $1 trillion economy before 2030.