Tinubu cites NGX growth to N160T, projects N230T by year-end, cites 500k-900k new millionaires
President Bola Tinubu told Nigerian Exchange Group leaders in Abuja yesterday that the stock market's growth from N30 trillion in 2023 to N160 trillion today, with projections to reach N230 trillion by end of 2026, signals economic recovery under his administration. He said the all-share index rose from 52,000 to 244,000 during his tenure, and reforms have created an estimated 500,000 to 900,000 new millionaires.
Tinubu credited his Economic Management Team—Finance Minister Taiwo Oyedele, Budget Minister Atiku Bagudu, CBN Governor Yemi Cardoso, and NRS Chairman Zacch Adedeji—for implementing reforms that satisfied global best practices. He noted the removal of fuel subsidy as the foundation for correcting four decades of economic distortion, and announced plans to reform and list NNPC in the capital market to help achieve a one trillion dollar economy.
NGX Chairman Umaru Kwairanga and Group MD Temi Popoola presented the growth figures, stating Nigerian stocks are now the world's best-performing market and challenging regulators to grow the market to one trillion dollars. Popoola added that close to 75% of banking sector recapitalization came from domestic resources, showing renewed confidence in the financial system.
With these specific metrics suggesting substantial wealth creation through market growth, should Nigerians consider increasing their participation in the local stock market given the NNPC listing opportunity and projected continued growth, or remain cautious given past unfulfilled economic promises?