Tinubu hails economic team as NGX market value rises to N160tn

President Bola Tinubu on Thursday commended members of his economic management team, saying their reforms have stabilised the economy and driven a strong rebound in Nigeria’s capital market.

Speaking while receiving the Board and Management of the Nigerian Exchange Group (NGX Group) at the State House, Abuja, Tinubu said improving economic indicators and growing positive assessments from local and international experts showed that the country’s economy was on a path to sustainable growth.

The President’s remarks came after the NGX informed him that the total market value of listed equities had risen from about N30 trillion when he assumed office in May 2023 to N160 trillion, with projections that it could reach N230 trillion by the end of the year.

Tinubu praised 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, Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso, Chairman of the National Revenue Service (NRS) Zacch Adedeji and Chairman of the Presidential Fiscal Policy and Tax Reforms Committee Taiwo Oyedele, for steering the economy through difficult reforms.

“When we took over, it was very challenging. We were in the negative with monetary policy and the reserves. We had N30 trillion printed and there were liabilities,” the President said.

“If the stock market is doing well, then we are doing well.”

Tinubu said his administration’s reforms were designed to align with global best practices and lay the foundation for long-term economic growth, while urging greater private sector investment to accelerate job creation.

He also reaffirmed his administration’s commitment to reforming the Nigerian National Petroleum Company Limited (NNPC Ltd.), saying the national oil company would eventually be listed on the capital market.