Tinubu hails economic team over market rebound, plans NNPC listing on NGX

President Bola Tinubu has lauded his economic management team and the Nigerian Exchange Group (NGX) for their roles in stabilizing the nation's economy and achieving a significant rebound in the stock market. The President made these remarks while receiving the Board and Management of the NGX at the State House in Abuja.

During the meeting, Tinubu announced plans to reform and list the Nigerian National Petroleum Company (NNPC) on the capital market. This move is intended to deepen investment opportunities for Nigerians. The NGX leadership briefed the President on the market's impressive recovery, noting its growth from N30 trillion in 2023 to N160 trillion currently.

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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.

Tinubu specifically commended members of his Economic Management Team present, including the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; Minister of Budget and National Planning, Atiku Bagudu; Central Bank Governor, Yemi Cardoso; and the Chairman and Chief Executive of the National Revenue Service, Dr. Zacch Adedeji. He praised their foresight, dedication, and diligence, acknowledging the challenging economic conditions inherited upon taking office.

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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.

"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 stated. He particularly recognized Central Bank Governor Yemi Cardoso for his efforts in addressing the negative state of monetary policy and reserves at the administration's start.

The President framed the stock market's performance as a broader indicator of national progress, asserting, "If the stock market is doing well, then we are doing well." He also reaffirmed his administration's commitment to supporting the private sector, citing his early backing of Aliko Dangote's refinery project as an example of the necessary investment partnerships for Nigeria's growth.

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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.