Tinubu praises financial advisors for stock market recovery, sets sights on NNPC stock exchange debut

President Bola Tinubu commended his economic management team and the Nigerian Exchange Group on Thursday for their role in stabilising the economy and the stock market's rebound, noting that the Nigerian National Petroleum Company would be reformed and listed on the capital market to deepen investment opportunities for Nigerians.

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The President made this disclosure during a meeting with the Board and Management of the Nigerian Exchange Group at the State House in Abuja, where they were led by Chairman Dr Umaru Kwairanga and Group Managing Director and Chief Executive Officer Temi Popoola, who briefed him on the market's growth from N30tn in 2023 to N160tn currently.

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Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed details of the engagement in a statement titled ‘President Tinubu commends economic team and NGX for stabilising the economy, and the rebound of the stock market,’ which was signed on Thursday.

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President Tinubu praised members of his Economic Management Team, including Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele, Minister of Budget and National Planning Atiku Bagudu, Central Bank Governor Yemi Cardoso, and Chairman and Chief Executive of the National Revenue Service Dr Zacch Adedeji, for their foresight, dedication, and diligence.

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The President expressed his excitement about the team's achievements, stating, "I can see the excitement in the room, all I can do is to celebrate you all today," and recalled the challenges faced at the start of his administration, saying "When we took over, it was very challenging."

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President Tinubu also cited the Central Bank Governor, Yemi Cardoso, as a key partner in the administration's economic efforts, saying "My capable partner in one of the thinking and reasoning days was Yemi Cardoso, whom I put at CBN," and thanked him for his work in addressing the country's monetary policy and reserve challenges.

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The President framed the stock market's performance as a signal of national progress, saying "If the stock market is doing well, then we are doing well," and noted that the market's growth could have a positive impact on the country's education system and overall prosperity.

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President Tinubu also discussed the role of the private sector in driving economic growth, citing his early support for Aliko Dangote's refinery ambitions as an example of the kind of investment partnership he believed Nigeria needed, saying "If we can push the private sector to invest in the economy wisely, then we will grow."

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The President reaffirmed his administration's target of a one-trillion-dollar economy, which he believed was achievable given Nigeria's population and human capital, and disclosed plans to list the NNPC on the capital market as part of the broader reform agenda.

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Minister of Finance Taiwo Oyedele told the President that the stock market's growth over the past three years, driven by economic reforms, had made Nigeria's capital market the best performing in the world, saying "The capital market is one of the fastest ways to create wealth for millions of Nigerians."

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Oyedele noted that many young Nigerians were investing in virtual assets and gambling, rather than the capital market, where they could make more money, and urged that the listing process be simplified to favour broader participation, challenging the NGX and SEC to set a target of growing the market to one trillion dollars.

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NGX Chairman Dr Umaru Kwairanga expressed confidence that the one-trillion-dollar target was within reach, saying "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 dollars even before 2030 with your support."

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Kwairanga recounted a recent engagement in London where international observers sought to understand Nigeria's rapid market turnaround, saying "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."

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NGX CEO Temi Popoola noted that the total value of stocks listed in Nigeria had grown from just shy of N30tn in 2023 to N160tn currently, and was expected to rise to N230 trillion by the end of the year, saying "By the end of this year, with the listings we are seeing in our market, we expect that figure to rise to N230 trillion."

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Popoola also discussed the growth of the All-Share Index, which had risen from 52,000 to 244,000, saying "As a matter of fact, when we reached 100,000, we didn’t know how to calculate it anymore because it is not something we are used to seeing," and estimated that the market's growth had created between 500,000 to 900,000 millionaires.

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NRS Chairman Dr Zacch Adedeji credited President Tinubu's leadership for the impact of the reforms, which he said was now globally recognised, saying "What we know privately is now globally known: the greatest gift to this Republic is Mr President," and noted that the removal of the fuel subsidy had been a foundational reform underpinning the broader turnaround.

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CBN Governor Yemi Cardoso told the President that the banking sector recapitalisation exercise had been executed successfully, with close to 75 per cent of the funding coming from domestic resources, saying "A lot of people didn’t think it was possible, and now it was done very successfully," and describing the outcome as a demonstration of renewed confidence in Nigeria's financial system.