President Bola Ahmed Tinubu has declared that Nigeria’s ambition of building a $1 trillion economy is achievable, pointing to rising investor confidence, stronger economic indicators and the rapid growth of the Nigerian capital market.
Tinubu spoke 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 positive assessments of Nigeria’s economy by experts, coupled with favourable economic indicators, showed that the country was laying the foundation for long-term and sustainable growth.
He maintained that the administration’s economic reforms were in line with global best practices and had begun to stimulate growth and unlock opportunities across the economy.
The NGX delegation, led by its Chairman, Umaru Kwairanga, and Group Managing Director/Chief Executive Officer, Temi Popoola, told the President that the value of listed stocks had surged from about N30 trillion when he assumed office in 2023 to N160 trillion currently.
The All-Share Index has also climbed from about 52,000 points in 2023 to 244,000 points, while the exchange expects the total value of listed stocks to rise to N230 trillion by the end of 2026.
Tinubu commended members of his Economic Management Team—including Finance and Coordinating Minister of the Economy, Taiwo Oyedele; Budget and National Planning Minister, Atiku Bagudu; Central Bank Governor, Olayemi Cardoso; and Chairman of the Nigeria Revenue Service, Zacch Adedeji—for their “foresight, dedication and diligence.”
“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,” the President said.
Recalling the economic challenges his administration inherited in 2023, Tinubu said he had to accept both the “assets and liabilities” of his predecessor and focus on fixing the country’s economic problems.
“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,” he said.
The President said his administration inherited severe monetary and fiscal challenges, stressing that the reforms were driven by a shared conviction that Nigeria could build a prosperous economy.
“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,” Tinubu said.
He also linked a strong economy to improved opportunities for young Nigerians, saying economic growth must ultimately translate into better living conditions.
“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,” he added.
Tinubu backs private sector, refinery investment
The President said the private sector remained central to Nigeria’s economic transformation, particularly in creating jobs, expanding investment and supporting government efforts.
“If we can push the private sector to invest in the economy wisely, then we will grow,” he said.
Tinubu recalled his support for the Dangote refinery project, saying he backed billionaire businessman Aliko Dangote’s investment in refining even before becoming President.
He also announced that the Nigerian National Petroleum Company Limited (NNPC) would be reformed and listed on the capital market.
Tinubu said Nigeria’s population, human capital and entrepreneurial capacity made the $1 trillion economy target realistic.
Oyedele: Nigeria has world’s best-performing capital market
Finance Minister Taiwo Oyedele said Nigeria’s capital market had recorded remarkable growth over the past three years, describing it as the best-performing in the world.
“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,” Oyedele said.
He described the capital market as one of the fastest avenues for creating wealth for millions of Nigerians, adding that the government was working with the Securities and Exchange Commission and other regulators to introduce innovations capable of attracting more young investors.
Oyedele noted that many young Nigerians currently put their money into virtual assets and gambling, arguing that the capital market offered opportunities for sustainable wealth creation.
He challenged the NGX and SEC to set a target of growing Nigeria’s capital market to $1 trillion, while calling for a simpler listing process that would enable more Nigerians to participate.
NGX: Market value could hit N230trn by year-end
NGX Chairman Umaru Kwairanga attributed the market’s rapid growth to the economic reforms implemented by the Tinubu administration.
“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 said.
Kwairanga said Nigeria’s capital market had been underutilised for years but was now attracting international attention.
He recalled his recent appearance at the London Stock Exchange, where he was asked how Nigeria had managed to turn around its stock market in such a short period.
“I told them it is because of the leadership of President Bola Ahmed Tinubu,” he said, describing Tinubu as “not only a politician but a businessman.”
Providing further details of the market’s growth, NGX Group Managing Director Temi Popoola said the value of listed stocks had risen from just under N30 trillion in 2023 to N160 trillion currently.
“By the end of this year, with the listing that we are seeing in our market, we expect that figure to rise to N230 trillion,” Popoola said.
He added that the All-Share Index had risen from 52,000 points when Tinubu assumed office to 244,000 points currently.
According to Popoola, the growth has also generated significant wealth, with the NGX estimating that between 500,000 and 900,000 millionaires may have been created as a result of the reforms.
He added that other African markets were now looking to Nigeria as a model for developing their capital markets.
Adedeji: Subsidy removal foundation of economic reforms
Chairman of the Nigeria Revenue Service, Zacch Adedeji, said the impact of Tinubu’s reforms was becoming increasingly evident in economic data and performance indicators.
He credited the President’s leadership and political courage for driving reforms that had remained untouched for decades.
“The removal of subsidy is the foundation that corrected the distortion that affected the country in the last forty years,” Adedeji said.
He said the decision to remove the subsidy shortly after Tinubu assumed office had laid the foundation for the economic changes currently being witnessed.
“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,” he added.
Cardoso: Bank recapitalisation boosts investor confidence
CBN Governor Olayemi Cardoso said the banking sector recapitalisation initially faced widespread scepticism but had ultimately been successfully implemented.
“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 said the successful recapitalisation had strengthened confidence in Nigeria’s financial system, while economic stability would attract more investment, stimulate growth and ultimately support the real sector.
Tinubu assured the economic team of his continued support, promising to remain engaged with their efforts to strengthen the economy.
“My assurance to you is that I won’t stop reading, thinking and supporting you,” the President said.
