NGX market value jumps to N160trn as Tinubu reaffirms $1trn economy goal

From Juliana Taiwo-Obalonye, Abuja

President Bola Tinubu has reaffirmed that Nigeria is on course to becoming a $1trillion economy as the Nigerian Exchange Group (NGX) announced that the value of listed equities had risen from about N30 trillion in 2023 to N160 trillion.

Receiving the Board and Management of NGX at the Presidential Villa, Abuja, Tinubu said the capital market’s remarkable growth reflected renewed investor confidence driven by his administration’s economic reforms.

According to NGX, market capitalisation is projected to reach N230 trillion by the end of 2026, while Nigeria’s stock market has emerged as one of the world’s best-performing exchanges.

The President described the performance as evidence that the economy is on a stronger footing than when his administration assumed office.

“We took difficult but necessary decisions, and today we are seeing the results,” he said, while commending members of the Economic Management Team and CBN Governor Yemi Cardoso for helping restore monetary stability.

Tinubu said the administration’s target of building a $1trillion economy remained achievable, citing Nigeria’s population, entrepreneurial capacity and abundant resources.

He also disclosed that the Nigerian National Petroleum Company (NNPC) Limited would undergo further reforms before being listed on the capital market.

NGX Group Managing Director and Chief Executive Officer, Temi Popoola, said listed equities had grown from nearly N30trillion in 2023 to N160 trillion, with ongoing listings expected to raise market capitalisation to N230trillion before year-end.

He added that the NGX All-Share Index had climbed from 52,000 points in 2023 to about 244,000 points, creating an estimated 500,000 to 900,000 new millionaires.

NGX Chairman Umaru Kwairanga attributed the market’s growth to the Federal Government’s reforms, while the Minister of Finance and Coordinating Minister of the Economy described the Nigerian capital market as one of the world’s strongest-performing.

The Governor, Central Bank of Nigeria (CBN), Yemi Cardoso, also cited the successful recapitalisation of banks as evidence of renewed confidence in Nigeria’s financial system, expressing optimism that macroeconomic stability would continue to attract investment and support economic growth.