President Bola Tinubu has commended the Nigerian Exchange Group (NGX) and members of the Economic Management Team (EMT) for their efforts in strengthening the country’s economy and driving growth in the capital market.
Tinubu gave the commendation on Thursday during a meeting with officials of the NGX and EMT at the Presidential Villa in Abuja, where he highlighted positive assessments of his administration’s economic reforms.
The president said taking over leadership came with significant challenges, noting that he inherited an economy facing serious financial pressures, including depleted foreign reserves and accumulated liabilities.
“When we took over, it was very challenging. I asked for the job, and I have to do it,” Tinubu said, adding that he found a reliable partner in Central Bank of Nigeria (CBN) Governor Yemi Cardoso to help address economic difficulties.
According to him, the country’s monetary policy situation and reserve position were in poor condition when his administration assumed office, with about N30 trillion already printed and several financial obligations inherited.
Tinubu expressed appreciation to Cardoso and other members of the economic team for their contributions, saying Nigeria has the capacity to achieve sustainable economic prosperity.
He said the performance of the stock market reflects broader economic progress, stating that “if the stock market is doing well, then we are doing well.”
The Economic Management Team includes Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele; Minister of Budget and Economic Planning, Atiku Bagudu; Chairman of the Nigeria Revenue Service, Zacch Adedeji; and CBN Governor Yemi Cardoso.
Providing an update on the capital market, NGX Group Managing Director, Temi Popoola, revealed that the total value of listed equities on the Nigerian stock market has increased significantly from about N30 trillion in 2023 to N160 trillion.
Popoola said the figure could rise further to N230 trillion by the end of the year due to expected new listings and continued market expansion.
He also disclosed that the NGX All-Share Index, which measures market performance, has grown from 52,000 points when Tinubu assumed office to 244,000 points currently.
Popoola added that the market’s rapid growth has reached unprecedented levels, noting that the exchange had never previously experienced such a sharp increase in valuation.