By Yinka Giwa
President Bola Ahmed Tinubu on Thursday declared that Nigeria’s economic reforms are beginning to translate into real gains for citizens, saying the steady rebound of the economy and the remarkable growth of the Nigerian stock market are clear signs that “better days are here” for Nigerians.
Speaking while receiving the Board and Management of the Nigerian Exchange Group (NGX) at the Presidential Villa, Abuja, the President said positive assessments by economic experts and encouraging economic indicators showed that the country was on the path to long-term prosperity.
The NGX delegation, led by its Chairman, Dr. Umaru Kwairanga, and Group Managing Director/Chief Executive Officer, Temi Popoola, told the President that the value of listed equities had surged from about N30 trillion in 2023 to N160 trillion, with projections that it could reach N230 trillion before the end of the year.
According to the exchange, the market’s All-Share Index has also climbed from about 52,000 points to over 244,000, while reforms are estimated to have created between 500,000 and 900,000 new millionaires through wealth generated in the capital market.
Reacting to the figures, Tinubu praised members of his Economic Management Team, including the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, Minister of Budget and Economic Planning, Atiku Bagudu, Central Bank Governor Olayemi Cardoso, Chairman of the National Revenue Service, Dr. Zacch Adedeji, and Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, for what he described as their commitment and foresight.
“I can see the excitement in the room. All I can do is celebrate you all today,” the President said.
“When we took over, it was very challenging. I asked for the job and I have to do it. We owe a duty to the country and to ourselves to prove that Nigeria can build a prosperous nation.”
Tinubu said the impressive performance of the stock market reflected broader improvements in the economy.
“If the stock market is doing well, then we are doing well,” he declared.
The President reaffirmed his administration’s commitment to building a one-trillion-dollar economy, describing the target as realistic given Nigeria’s vast human and natural resources.
He also disclosed that the Nigerian National Petroleum Company Limited (NNPC) would be reformed and eventually listed on the capital market to deepen transparency and attract greater investment.
Tinubu stressed that sustainable economic growth would depend largely on increased private sector participation, recalling his longstanding support for indigenous investment, particularly in the petroleum sector.
“If we can push the private sector to invest wisely, then we will grow,” he said, noting that he had supported Aliko Dangote’s refinery project long before becoming President.
Earlier, Finance Minister Oyedele described Nigeria’s capital market as one of the best-performing in the world, attributing its resurgence to the administration’s economic reforms.
He said the stock market offered millions of Nigerians a faster and more sustainable path to wealth creation than speculative investments, urging regulators to attract more young investors.
NGX Chairman, Dr. Umaru Kwairanga, credited the turnaround in the capital market to Tinubu’s economic leadership, saying Nigeria now has the capacity to achieve a one-trillion-dollar economy before 2030.
He disclosed that international investors were already taking notice of Nigeria’s transformation, recounting discussions at the London Stock Exchange where he attributed the Nigerian market’s resurgence to the President’s reforms.
CBN Governor Olayemi Cardoso said the successful recapitalisation of the banking sector had restored confidence in the financial system and positioned Nigeria to attract more domestic and foreign investment capable of stimulating growth in the real sector.
Chairman of the National Revenue Service, Dr. Zacch Adedeji, also hailed the administration’s tax reforms and subsidy removal policy, describing them as courageous decisions that laid the foundation for the economic improvements now being recorded.
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