Tinubu hails economic team, NGX, as stock market capitalisation hits N160trn

By Ismail Azeez

President Bola Ahmed Tinubu has commended Nigeria’s Economic Management Team and the Nigerian Exchange Group (NGX) for what he described as the successful implementation of economic reforms that have stabilised the economy and driven a remarkable rebound in the country’s stock market.

Speaking on Thursday at the State House, Abuja, while receiving the Board and Management of the NGX, Tinubu said positive assessments by economic experts and improving macroeconomic indicators showed that Nigeria was on the path to sustained economic growth and prosperity.

The Nigerian Exchange Group, led by the Chairman, Dr Umaru Kwairanga, and the Group Managing Director/Chief Executive Officer, Temi Popoola, briefed the President on the rebound of the market from N30 trillion in 2023 to N160 trillion today.

Tinubu commended the Economic Management Team, made up of the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; the Minister of Budget and National Planning, Atiku Bagudu; the Central Bank Governor, Yemi Cardoso, and Chairman/CEO 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.”

“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.”

“I found a partner in the CBN Governor, Yemi Cardoso. 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.”

“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,” the President said.

However, the Minister of Finance, Taiwo Oyedele said, “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.”

“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.”

“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 stated.

“The picture today is that when you took office in 2023, the total value of stocks listed in Nigeria was just shy of N30trillion. 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 N230trillion.”

“The second is the all-share index, which is the measure of growth and performance that we see. When you took office, Mr President, that figure was 52,000; today that figure is 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.”

“Mr President tied to all these is a lot of wealth that has been created 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.

In his remarks, the Chairman of the NRS said the President’s vision is becoming clearer, with evidence in facts and figures of 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.”

“The economy captures all in the same way. The first tax law in Nigeria was done in 1923. From that period until the President came into the office, nobody has done anything to review the laws, neither the colonial nor the military. It takes Mr President’s courage and patriotism to focus and face this headlong, not minding politics.”

“We can see the results. We have seen what has happened in the country, and this is open to all.”

“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,’’ the NRS Chairman noted.

In his remarks, the CBN Governor, Olayemi Cardoso said the banking sector recapitalisation was 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,’’ he said.