President Bola Ahmed Tinubu has expressed optimism about Nigeria’s economic outlook, saying improving economic indicators and positive assessments from experts point to a more prosperous future for the country.
Speaking on Thursday at the State House in Abuja while receiving the Board and Management of the Nigerian Exchange Group (NGX), the President praised members of the Economic Management Team for their role in implementing reforms aimed at stabilising the economy.
He commended the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, the Minister of Budget and Economic Planning, Atiku Bagudu, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, and the Chairman of the National Revenue Service (NRS), Dr Zacch Adedeji, for what he described as their commitment, foresight and dedication.
According to the President, the administration’s economic reforms align with global best practices and have laid the foundation for sustainable long-term growth.
The NGX delegation, led by its Chairman, Dr Umaru Kwairanga, and Group Managing Director and Chief Executive Officer, Temi Popoola, briefed the President on the performance of the capital market, reporting that the value of listed equities had increased from about N30 trillion in 2023 to N160 trillion.
Details of the meeting were contained in a statement issued on Thursday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
Reflecting on the challenges his administration inherited, Tinubu said difficult economic decisions were necessary upon assuming office.
“When we took over, it was very challenging. I accepted both the assets and liabilities of my predecessor because I asked for the job and had a responsibility to deliver,” the President said.
He credited CBN Governor Yemi Cardoso for supporting efforts to restore stability to the country’s monetary system, noting that Nigeria faced significant monetary and fiscal pressures when the administration came into office.
Tinubu said the progress recorded by the stock market reflected broader improvements in the economy.
“If the stock market is doing well, then we are doing well,” he said, adding that the private sector must play a leading role in driving investment, creating jobs and supporting economic growth.
The President reiterated his support for private sector-led industrial development, citing his long-standing backing for the Dangote Refinery project. He also disclosed that the Nigerian National Petroleum Company Limited (NNPCL) would undergo reforms and eventually be listed on the capital market.
He maintained that Nigeria’s ambition of building a one-trillion-dollar economy remained achievable, given the country’s population and entrepreneurial potential.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said reforms introduced by the administration had contributed significantly to the capital market’s performance, describing Nigeria’s stock market as one of the best-performing globally.
He noted that efforts were underway, in collaboration with the Securities and Exchange Commission (SEC), to introduce innovations that would encourage greater participation by young Nigerians.
Edun observed that many young people currently invest in virtual assets and gambling rather than the stock market, arguing that the capital market offers stronger opportunities for long-term wealth creation.
He also urged the NGX and SEC to simplify listing requirements and work towards expanding the market to a valuation of one trillion dollars.
NGX Chairman, Dr Umaru Kwairanga, attributed the exchange’s performance to the Federal Government’s economic reforms, expressing confidence that Nigeria could achieve a one-trillion-dollar economy before 2030.
He said the country’s capital market had been underutilised for many years but was now attracting increasing international attention.
Popoola told the President that the All-Share Index had risen from about 52,000 points in 2023 to approximately 244,000, while the value of listed equities was projected to reach N230 trillion by the end of the year.
He added that the reforms had created substantial wealth, estimating that between 500,000 and 900,000 Nigerians had attained millionaire status as a result of the market’s growth.
According to Popoola, other African countries are increasingly looking to Nigeria as a model for developing their capital markets.
NRS Chairman, Dr Zacch Adedeji, said recent economic data showed that the administration’s reform agenda was delivering measurable results.
He described the removal of the fuel subsidy as a landmark decision that addressed long-standing structural distortions in the economy, adding that the ongoing tax reforms represented the first comprehensive review of Nigeria’s tax laws in decades.
CBN Governor Yemi Cardoso also highlighted the successful recapitalisation of the banking sector, saying the exercise had exceeded expectations despite initial scepticism.
He noted that nearly 75 per cent of the funds raised came from domestic investors, demonstrating renewed confidence in Nigeria’s financial system.
Cardoso added that sustained macroeconomic stability would attract more investment into the economy, supporting growth in the productive sectors.
