President Bola Tinubu on Thursday commended his economic management team and the Nigerian Exchange Group for the stabilisation of the economy and the rebound of the stock market.

He disclosed that the Nigerian National Petroleum Company would be reformed and listed on the capital market as part of ongoing efforts to deepen investment opportunities for Nigerians.

The President made the disclosure while receiving the Board and Management of the Nigerian Exchange Group at the State House, Abuja, led by its Chairman, Dr Umaru Kwairanga, and Group Managing Director and Chief Executive Officer, Temi Popoola, who briefed him on the market’s rebound from N30tn in 2023 to N160tn today.

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

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

The President said, “I can see the excitement in the room. All I can do is to celebrate you all today. 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”.

He cited the Central Bank Governor, recalling the state of monetary policy at the start of the administration. According to the President, “My capable partner in one of the thinking and reasoning days was Yemi Cardoso, whom I put at CBN. We were in the negative with monetary policy and the reserve. We had N30tn printed, and there were liabilities. I thank you very much, Yemi Cardoso.”

He framed the stock market’s performance as a broader signal of national progress. “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. My assurance to you is that I won’t stop reading, thinking and supporting you,” he said.

On the role of the private sector, the President cited his early support for Aliko Dangote’s refinery ambitions as an example of the kind of investment partnership he believed Nigeria needed.

“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.

He reaffirmed that the administration’s target of a one-trillion-dollar economy remained 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.

In his remarks, 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. “The capital market is one of the fastest ways to create wealth for millions of Nigerians,” he said, noting ongoing work with the Securities and Exchange Commission to attract more young Nigerians into the market.

He drew a contrast between the current pattern of youth investment behaviour and the opportunity the market represented. “Many of our young people invest their money in virtual assets and gambling, whereas you can make more money from the capital market,” Oyedele said, urging that the listing process be simplified to favour broader participation, and challenging the NGX and SEC to set a target of growing the market to one trillion dollars.

On his part, the NGX Chairman, Kwairanga, said the exchange’s turnaround reflected the impact of the administration’s economic reforms and expressed confidence that the one-trillion-dollar target was within reach. He said, “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.”

Kwairanga recounted a recent engagement in London where international observers sought to understand Nigeria’s rapid market turnaround. “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, that we have a President that is not only a politician but a businessman,” he said.

In his remarks, NGX CEO, Temi Popoola said, “The picture today is that when you took office in 2023, the total value of stocks listed in Nigeria was just shy of N30tn. Today, Mr President, that figure is N160tn. By the end of this year, with the listings we are seeing in our market, we expect that figure to rise to N230 trillion,” he said.

On the All-Share Index, he said, “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 we are used to seeing.”

He estimated the wealth impact of the market’s growth on ordinary Nigerians, saying, “Tied to all this 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.”

Popoola added that other African markets were now looking to Nigeria as a model.

NRS Chairman Adedeji told the President that the impact of the reforms was now globally recognised. He said, “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.

“The first tax law in Nigeria was done in 1923. From that period until the President came into office, nobody has done anything to review the laws, neither the colonial nor the military administrations. It takes Mr President’s courage and patriotism to focus and face this headlong, not minding politics.”

He also credited the removal of the fuel subsidy as the foundational reform underpinning the broader turnaround.

“The removal of subsidy is the foundation that corrected the distortion that affected the country in the last 40 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,” he said.

CBN Governor, Cardoso, told the President that the banking sector recapitalisation exercise, though initially met with widespread doubt, had been executed successfully and was funded predominantly by domestic capital.

“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 around,” said Cardoso, describing the outcome as a demonstration of renewed confidence in Nigeria’s financial system.