President Bola Tinubu has commended members of the Economic Management Team and the Nigerian Exchange Group (NGX) for their role in stabilising the economy and driving a strong rebound in the nation’s capital market.
Tinubu gave the commendation on Thursday at the State House, Abuja, while receiving the board and management of the NGX, who briefed him on the stock market’s growth from about N30 trillion in 2023 to N160 trillion, with projections to reach N230 trillion before the end of the year.
According to presidential spokesperson, Bayo Onanuga, Tinubu said positive assessments by economic experts and improving economic indicators showed that the country’s reforms were yielding results and laying the foundation for sustainable growth.
He specifically praised the Economic Management Team comprising the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Minister of Budget and Economic Planning, Atiku Bagudu, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the Chairman of the National Revenue Service (NRS), Dr Zacch Adedeji, for their commitment to implementing reforms.
“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,” Tinubu said.
He said a thriving stock market reflected a healthy economy and reiterated that the administration remained committed to supporting policies that would encourage private sector investment, create jobs and drive economic growth.
Tinubu also expressed confidence that Nigeria could achieve its target of becoming a one-trillion-dollar economy, noting that reforms of the Nigerian National Petroleum Company (NNPC) would continue, including plans to list the company on 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 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.
Earlier at the briefing according to the statement, the Minister of Finance said Nigeria’s capital market had become one of the world’s best-performing markets following ongoing economic reforms.
He urged the NGX and the Securities and Exchange Commission (SEC) to work towards expanding the market to a value of one trillion dollars, while encouraging greater participation by young Nigerians.
NGX Chairman, Dr Umaru Kwairanga, attributed the market’s resurgence to the Federal Government’s economic reforms, saying Nigeria had the capacity to attain a one-trillion-dollar economy before 2030.
“We believe the one trillion dollar economy is achievable. 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,’’ he noted.
Group Managing Director and Chief Executive Officer of the NGX, Temi Popoola, said the all-share index had risen from 52,000 points in 2023 to 244,000, while the market’s performance had created wealth for investors.
According to him, between 500,000 and 900,000 Nigerians had become millionaires through gains in the stock market. He added that other African exchanges were looking to Nigeria as a model for capital market growth.
The CBN governor also said the successful recapitalisation of the banking sector, largely funded by domestic investors, had strengthened confidence in Nigeria’s financial system and would help attract more investments into the economy.
“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,’’ he said.
(The Whistler)
