My Reforms Pushed Stock Market Capitalisation to N160trn from N30trn – Tinubu  

By Àkànní Olúwaségún Michael

President Bola Tinubu on Friday said Nigeria’s stock market capitalisation had risen from N30tn in 2023 to N160tn in 2026 following the economic reforms introduced by his administration.

Tinubu stated this in a nationwide broadcast commemorating the third anniversary of his administration.

The President said the reforms implemented since May 2023 had helped stabilise the economy, improve investor confidence, and reposition Nigeria for long-term growth despite the hardship experienced by many Nigerians.

According to him, the Nigerian economy inherited by his administration faced severe fiscal and structural challenges, including unsustainable fuel subsidy payments, exchange rate distortions, rising debt servicing costs, declining revenues, and weakening public confidence in institutions.

“At the height of the subsidy regime, Nigeria was spending as much as N18.4bn daily to sustain petrol subsidies, over N4tn in 2022 alone, resources that could have been invested in roads, healthcare, education, housing, and critical infrastructure,” Tinubu said.

He also blamed multiple exchange rate windows and forex arbitrage for massive economic distortions and speculative activities in the foreign exchange market.

“Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than N8tn over three years to rent-seeking and speculative practices,” he stated.

Tinubu said his administration was compelled to take “difficult but necessary decisions” to prevent a deeper fiscal and economic crisis.

“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” he said.

“Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort.”

The President acknowledged that the reforms triggered rising living costs and economic pressure on households, businesses, and workers across the country.

“The rising cost of living triggered by our measures placed enormous pressure on families, workers, and businesses. Young people searching for jobs felt discouraged,” he stated.

Tinubu, however, maintained that the reforms were beginning to produce positive outcomes across key sectors of the economy.

“Today, I can say with confidence that Nigeria has stabilised and is moving forward again,” he declared.

Highlighting developments in the capital market, Tinubu said the All-Share Index rose from 53,000 in 2023 to 250,000 in 2026, while market capitalisation increased from N30tn to N160tn.

“The stock market is booming, with the All-Share Index rising from 53,000 and market capitalisation of N30tn in 2023 to a record All Share Index of 250,000 and market capitalisation of N160tn this year,” he said.

According to him, companies are now declaring stronger profits and dividends, while states and local governments have more resources for developmental projects.

The President also highlighted ongoing infrastructure projects across the country, saying over 2,700 kilometres of highways and major roads were under construction, reconstruction, or rehabilitation.

The projects, he said, include the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and several rural access roads.

Tinubu added that rail modernisation projects were also ongoing to improve logistics, transportation, and economic integration nationwide.

Speaking on the oil and gas sector, the President said reforms had attracted fresh investments from international oil companies previously reluctant to invest in Nigeria.

He disclosed that the $5bn NLNG Train 7 project was nearing completion and would boost liquefied natural gas production and exports.

Tinubu further stated that domestic refining capacity had improved with the operation of large-scale and modular refineries, helping Nigeria reduce dependence on imported petroleum products and conserve foreign exchange.

In the power sector, the President said his administration was addressing longstanding challenges relating to debt, underinvestment, and weak transmission infrastructure.

“Our administration is clearing legacy obligations, expanding transmission infrastructure, investing in renewable energy, and strengthening the national grid because no modern economy can grow in darkness,” he said.

Tinubu also highlighted interventions in agriculture, housing, healthcare, education, and digital infrastructure.

According to him, the Nigerian Education Loan Fund has supported more than 1.5 million students with over N282bn in disbursements.

He added that the Renewed Hope Housing Programme and the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the Federal Capital Territory.

The President further stated that ongoing investments in telecommunications infrastructure were improving digital access and supporting economic productivity.

On security, Tinubu said security agencies had intensified operations against terrorists, kidnappers, oil thieves, and other criminal groups across the country.

While admitting that security challenges persist, he said several communities and highways were becoming safer and more economically active.

Tinubu urged Nigerians to remain hopeful and united, assuring them that the administration would continue implementing policies aimed at improving living conditions and expanding economic opportunities.

“The work ahead is enormous, but I remain optimistic because I believe deeply in this country and in you, the Nigerian people,” he said.