By Ajibola Olaide, JKNewsMedia Reporter
PRESIDENT BOLA Tinubu said growing positive reviews of Nigeria’s economy by experts and favourable economic indicators signal a brighter future for the country and citizens.
JKNewsMeida.com reports that Tinubu spoke on Thursday in Abuja when he received the Board and Management of the Nigerian Exchange Group (NGX Group) at the State House, where he said the reforms had satisfied global best practices and helped stimulate the economy while laying the foundation for long term sustainable growth.
The NGX Group, led by its Chairman, Dr Umaru Kwairanga, and Group Managing Director and Chief Executive Officer, Temi Popoola, briefed President Tinubu on the rebound of the market from N30 trillion in 2023 to N160 trillion.
Tinubu commended the Economic Management Team (EMT), comprising the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, the Minister of Budget and National Planning, Atiku Bagudu, Central Bank Governor CBN) Yemi Cardoso and Chairman and Chief Executive Officer of the National Revenue Service, Dr 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. 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,” he said.
“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 found a partner in Cardoso as the country faced negative monetary policy and reserve conditions.
“We were in the negative with monetary policy and the reserve. We had N30 trillion printed, and there were liabilities. I thank you very much, Yemi Cardoso,” he said.
The President said the economic team owed a duty to the country and expressed confidence that Nigeria could build a nation of prosperity.
“If the stock market is doing well, then we are doing well,” he said.
“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: “Thank you to the Chairman of the NRS and all the people in the economic team for what we are doing. My assurance to you is that I won’t stop reading, thinking and supporting you.”
Tinubu said the private sector had a big role to play in the economy by creating jobs and supporting the government.
“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.”
The President said the goal of achieving a $1 trillion economy was possible, given Nigeria’s population and the brilliance and audacity of its people.
He also said the Nigerian National Petroleum Company would be reformed and listed in the capital market.
Oyedele said the stock market had experienced significant growth over the past few years, particularly in the last three years, as a result of the economic reforms.
“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. So much so that the capital market in Nigeria is the best performing in the world. The capital market is one of the fastest ways to create wealth for millions of Nigerians,” he said.
Oyedele said improvements had been recorded alongside the Securities and Exchange Commission and the regulator, particularly through innovations aimed at attracting young people to the market.
“For example, many of our young people invest their money in virtual assets and gambling, whereas you can make more money from the capital market,” he added.
He said the listing process could be simplified to favour more Nigerians and challenged the Nigerian Exchange Group and Securities and Exchange Commission to target growing the market to $1 trillion.
Kwairanga said the success of the Nigerian Exchange Group resulted from the economic reforms.
“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.
He said the capital market had been underutilised over the years.
“Your Excellency, we were at the London Stock Exchange last week, and I was part of a panel. The facilitator asked me what Nigeria is doing that you have turned the NGX around within the shortest possible time. I told them it is because of the leadership of President Bola Ahmed Tinubu.
“I told them that we have a President that is not only a politician but a businessman,” he said.
Popoola updated the President on the specifics of the market’s growth.
“The picture today is that when you took office in 2023, the total value of stocks listed in Nigeria was just shy of N30 trillion. Today, Mr President, that figure is N160 trillion. 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,” he said.
He said the all share index, which measures market growth and performance, had risen from 52,000 when Tinubu took office to 244,000.
“As a matter of fact, when we reached 100,000, we didn’t know how to calculate it anymore because it is not something that we are used to seeing,” he said.
Popoola said the growth had created wealth for many people.
“We don’t have exact figures, but we estimate that about 500,000 to 900,000 millionaires have been created as a result of reforms,” he added.
He said other African markets were looking at Nigeria as a model for growing the stock market.
The Chairman of the National Revenue Service said the President’s vision was becoming clearer, with facts and figures showing a fast-growing economy.
“What we know privately is now globally known: the greatest gift to this republic is Mr. President. Every good thing starts and ends with good leadership. Now we’ve seen figures and the facts,” he said.
Adedeji said the first tax law in Nigeria was enacted in 1923 and that no one had reviewed the laws from that period until Tinubu came into office.
He said it took Tinubu’s courage and patriotism to focus on the issue and face it headlong despite politics.
“We can see the results. We have seen what has happened in the country, and this is open to all,” he said.
Adedeji said the removal of subsidy corrected a distortion that had affected the country for 40 years.
“The removal of subsidy is the foundation that corrected the distortion that affected the country in the last forty years. 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 said.
In a release issued on August 6, 2026, Bayo Onanuga, Special Adviser to the President on Information and Strategy, quoted Cardoso as saying the banking sector recapitalisation had initially been greeted with scepticism.
“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 turnaround in banking sector recapitalisation showed confidence in the financial system.
The CBN said the stability of the economy would attract more investment and that investors would stimulate growth that would impact the real sector of the economy.
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