Tinubu Says Economic Reforms Stabilised Economy as NGX Market Value Hits N160 Trillion

President Bola Tinubu has said his administration’s economic reforms are helping to stabilise Nigeria’s economy after the Nigerian Exchange (NGX) Group disclosed that the market capitalisation of listed equities has surged to about N160 trillion, up from roughly N30 trillion when he assumed office in 2023.

Speaking during a meeting with the board and management of the NGX Group at the Presidential Villa in Abuja on Thursday, Tinubu said improving economic indicators and growing investor confidence suggest that the country’s reform programme is beginning to yield results.

The President attributed the recovery in the capital market to reforms implemented across fiscal, monetary and foreign exchange policy, describing them as necessary measures to restore macroeconomic stability and lay the foundation for long-term growth.

“If the stock market is doing well, then we are doing well,” Tinubu said while commending members of his economic management team for implementing what he described as difficult but necessary reforms.

The President praised Central Bank of Nigeria (CBN) Governor Olayemi Cardoso, Minister of Finance and Coordinating Minister of the Economy Wale Edun, Minister of Budget and Economic Planning Atiku Bagudu, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee Taiwo Oyedele, and National Revenue Service (NRS) Chairman Zacch Adedeji for their roles in driving the reforms.

NGX projects N230 trillion market value

Providing an update on the market’s performance, NGX Group Managing Director and Chief Executive Officer Temi Popoola said the value of listed equities has increased more than fivefold since May 2023.

According to him, the exchange’s market capitalisation has grown from about N30 trillion to N160 trillion and is projected to reach approximately N230 trillion before the end of 2026 as new companies prepare to list on the exchange.

Popoola also said the NGX All-Share Index has risen from about 52,000 points in 2023 to around 244,000 points, reflecting one of the strongest rallies in the Nigerian stock market’s history.

He estimated that the sustained appreciation in share prices has created between 500,000 and 900,000 new naira millionaires, although he noted that the figures were estimates.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described Nigeria’s capital market as one of the world’s best-performing markets in recent years, attributing the performance to ongoing macroeconomic reforms.

He said the government is working with the Securities and Exchange Commission (SEC) and the NGX to simplify listing requirements, deepen retail investor participation and attract more young Nigerians to the capital market.

Edun also challenged market operators to work towards expanding Nigeria’s capital market to a $1 trillion valuation, arguing that a larger market would provide businesses with greater access to long-term financing.

Tinubu also disclosed that the Nigerian National Petroleum Company (NNPC) Limited would undergo further reforms before being listed on the Nigerian Exchange.

A listing of the state-owned oil company has long been viewed by market analysts as a potential catalyst for expanding the size, liquidity and attractiveness of Nigeria’s equity market.