Tinubu: Nigeria on course for prosperity as NGX hits N160tn

President Bola Tinubu has praised Nigeria’s Economic Management Team and the Nigerian Exchange Group (NGX), saying their efforts have helped restore confidence in the economy and triggered remarkable growth in the nation’s capital market.

Receiving the NGX board and management at the State House in Abuja on Thursday, the President said recent improvements in key economic indicators and favourable assessments from experts showed that the country’s economic outlook was improving.

An NGX delegation led by Chairman, Dr Umaru Kwairanga, and Group Managing Director and Chief Executive Officer, Temi Popoola, informed the President that the value of the exchange had grown from about N30 trillion in 2023 to N160 trillion.

Tinubu said the gains reflected the impact of reforms introduced by his administration, which he noted were designed in line with global best practices to lay the foundation for long-term economic growth.

He singled out members of the Economic Management Team, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Budget and Economic Planning, Atiku Bagudu; Central Bank Governor, Yemi Cardoso; and Chairman of the Nigeria Revenue Service, Dr Zacch Adedeji, for commendation.

Reflecting on the early days of his administration, the President said the economy he inherited posed serious challenges.

“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. I asked for the job, and I have to do it,” Tinubu said.

He also applauded Cardoso’s role in implementing monetary reforms and reiterated his support for the government’s economic team.

“If the stock market is doing well, then we are doing well. Nigeria can build a nation of prosperity by itself,” he said.

Tinubu stressed that greater private sector investment would create jobs and drive development, maintaining that his administration’s ambition of building a one trillion dollar economy remained achievable. He also disclosed that the Nigerian National Petroleum Company Limited would eventually be listed on the Nigerian capital market.