The Nigerian Exchange Group (NGX) has revealed that value of listed equities on the exchange grew from about N30 trillion in 2023 to N160 trillion, with projections of reaching N230 trillion before the end of 2026.
This was made known by the NGX Chairman, Dr. Umaru Kwairanga and Group Managing Director/Chief Executive Officer (GMD/CEO) Temi Popoola, when they led a delegation to see President Bola Tinubu at the Aso Rock Villa, Abuja.
The president commended the Economic Management Team (EMT) and the Nigerian Exchange Group (NGX) for stabilising Nigeria’s economy and driving the rebound of the country’s capital market.
Tinubu told members of the NGX Board and Management who visited him, that his administration’s reforms, anchored on global best practices, were already yielding measurable results and laying the foundation for long-term sustainable growth.
President Tinubu singled out members of the EMT, including the Minister of Finance and Coordinating Minister of the Economy, Dr. Taiwo Oyedele; Minister of Budget and National Planning, Senator Atiku Bagudu; Central Bank of Nigeria (CBN) Governor Yemi Cardoso; and National Revenue Service (NRS) Chairman Dr. Zacch Adedeji, for praise.
In a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, the President said: “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.
“I asked for the job, and I have to do it. And my capable partner in one of the thinking and reasoning days was Yemi Cardoso, whom I put at CBN.”
Acknowledging Cardoso’s contribution to monetary reforms, the President said: “I found a partner in the CBN Governor, Yemi Cardoso. 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 rest of the team, we owe a duty to the country and our self-belief that this is doable. Nigeria can build a nation of prosperity by itself. If the stock market is doing well, then we are doing well.
“We can teach this in classrooms to our undergraduates. If they can be in the classroom without the harrowing feeling of how to pay and what to pay, then we can build a nation of success and prosperity,” the President suggested.
Expressing confidence in the team’s ability to sustain the reforms, Tinubu added: “Thank you to the Chairman of the NRS and all the people in the economic team for what we are doing. My assurance to you is that I won’t stop reading, thinking and supporting you.”
The President stressed that sustained economic growth would require stronger private sector participation, saying government alone could not create the needed jobs and prosperity.
“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 a President. God bless the soul of Muhammadu Buhari. We discussed how we can support the private sector to go into the refinery business,” he said.
He also declared that his administration’s target of building a one-trillion-dollar economy remained attainable, citing Nigeria’s population and entrepreneurial capacity, while reaffirming that the Nigerian National Petroleum Company (NNPC) Limited would be reformed and listed on the capital market.
Oyedele attributed the impressive performance of the stock market to the administration’s economic reforms, describing Nigeria’s capital market as the best-performing globally.
(Ripples)