President Bola Tinubu, on Thursday in Abuja, said growing positive reviews of the economy by experts and favourable economic indicators signal a brighter future for all Nigerians.
The President, who received the board and management of the Nigerian Exchange Group at the State House, said all the reforms satisfied global best practices and helped stimulate the economy, setting the foundation for long-term sustainable growth.
The Nigerian Exchange Group, led by the Chairman, Umaru Kwairanga, and the Group Managing Director/Chief Executive Officer, Temi Popoola, briefed the President on the rebound of the market from ₦30 trillion in 2023 to ₦160 trillion today.
President 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 of Nigeria Governor, Yemi Cardoso, and Chairman/CEO of the National Revenue Service, 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,” the President was quoted as saying in a statement by his aide, Bayo Onanuga.
“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.
“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.
“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,’’ he added.
The President said the private sector has a big role to play in the economy in 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 President. God bless the soul of Muhammadu Buhari. We discussed how we can support the private sector to go into the refinery business.
Tinubu said the goal of a $1 trillion economy is achievable, given the nation’s population, the brilliance and audacity of its people
He said the NNPC will be reformed and listed in the capital market.
The Minister of Finance said that 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.
“Along with the Securities and Exchange Commission and the regulator, we have seen these improvements, and we know that they are working on different innovations, particularly how to attract young people into 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.
Oyedele said the listing process could be simplified to favour more Nigerians, while challenging NGX and SEC to have a target of growing the market to one trillion dollars.
Kwairanga said the success of the NGX was a result of 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 noted.
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 stated.
The Group Managing Director of the NGX updated the President on specifics of growth.
“The picture today is that when you took office in 2023, the total value of stocks listed in Nigeria was just shy of ₦30 trillion. Today, Mr President, that figure is ₦160 trillion. By the end of this year – with the listing that we are seeing in our market – we expect that figure to rise to ₦230trillion.
“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.
Popoola said other African markets are looking at Nigeria as a model for growing the stock market.
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.
CBN Governor 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.
Cardoso said the turnaround in banking sector recapitalisation showed confidence in the financial system.
The CBN said the stability of the economy will attract more investments, and the investors will stimulate growth that will impact the real sector of the economy.
