Tinubu Commends Economic Team, NGX for Stabilising Economy, Stock Market Rebound

President Bola Tinubu commended his economic team and the Nigerian Exchange Group (NGX) on Thursday, stating that positive economic reviews and indicators signal a brighter future for Nigerians. Receiving the NGX Board and Management at the State House in Abuja, Tinubu highlighted that the ongoing reforms align with global best practices and are stimulating the economy, laying the groundwork for sustainable long-term growth.

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I can see the excitement in the room. All I can do is to celebrate you all today. It is a thing of joy to have this feedback. 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.

The NGX, led by Chairman Dr. Umaru Kwairanga and Group Managing Director/CEO Temi Popoola, reported a significant market rebound. The stock market's value has surged from N30 trillion in 2023 to its current N160 trillion. President Tinubu lauded the Economic Management Team, which includes Minister of Finance Taiwo Oyedele, Minister of Budget and National Planning Atiku Bagudu, Central Bank Governor Yemi Cardoso, and National Revenue Service Chairman/CEO Dr. Zacch Adedeji, for their foresight, dedication, and diligence.

"I can see the excitement in the room. All I can do is to celebrate you all today," Tinubu said, reflecting on the challenging economic situation upon taking office. He acknowledged the initial difficulties, including negative monetary policy and reserves, and the presence of N30 trillion in liabilities. He specifically thanked CBN Governor Yemi Cardoso for his partnership in navigating these issues.

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I found a partner in the CBN Governor, Yemi Cardoso. We were in the negative with monetary policy and the reserve. We had N30 trillion printed, and there were liabilities. I thank you very much, Yemi Cardoso.

Tinubu emphasized the collective duty to the country and self-belief, stating, "Nigeria can build a nation of prosperity by itself." He stressed that a strong stock market performance directly reflects national progress. The President assured the economic team of his continued support, stating, "My assurance to you is that I won’t stop reading, thinking and supporting you."

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The rest of the team, we owe a duty to the country and our self-belief that this is doable. Nigeria can build a nation of prosperity by itself. If the stock market is doing well, then we are doing well.

He further underscored the vital role of the private sector in creating jobs and supporting government initiatives. "If we can push the private sector to invest in the economy wisely, then we will grow," he noted, referencing his past support for Aliko Dangote's refinery business. The President reiterated his confidence that a $1 trillion economy is achievable, given Nigeria's population and the capabilities of its people. He also mentioned plans to reform and list the NNPC in the capital market.

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My assurance to you is that I won’t stop reading, thinking and supporting you