Tinubu, NGX Group Advance Capital Market Agenda to Accelerate Nigeria’s $1trn Economy

President Bola Tinubu has reaffirmed the federal government's commitment to utilizing Nigeria's capital market as a key driver for economic transformation and growth. This commitment was underscored during a high-level meeting with the Board and Management of the Nigerian Exchange Group (NGX Group) and the Economic Management Team at the Presidential Villa in Abuja.

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If we can push the private sector to invest in the economy wisely, then we will grow.

During the engagement, NGX Group presented a strategic roadmap aimed at transitioning Nigeria's capital market from recovery to a deliberate national capital formation program. The objective is to mobilize long-term investments necessary to support the nation's aspiration of achieving a $1 trillion economy. The presentation highlighted the market's significant performance over the past three years, with market capitalization surging from approximately N30 trillion in 2023 to N160 trillion. The NGX All-Share Index also saw a substantial rise, from 52,000 points to 244,000 points during the same period, accompanied by increased trading activity and both domestic and foreign participation.

President Tinubu commended NGX Group's leadership for their stewardship of an institution that has supported Nigerian enterprise for over six decades. He also acknowledged the Economic Management Team's role in implementing reforms that have bolstered macroeconomic stability and restored investor confidence. Tinubu expressed optimism about achieving the $1 trillion economy goal, citing Nigeria's population and the ingenuity of its people. He reiterated his administration's dedication to private sector-led growth and announced plans to reform and list the Nigerian National Petroleum Company (NNPC) Limited on the capital market, further demonstrating the government's strategy to mobilize investment and broaden public ownership.

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The Nigerian capital market has demonstrated that sound economic reforms, policy consistency and strong institutions can restore investor confidence and unlock significant private capital.

Alhaji (Dr.) Umaru Kwairanga, Chairman of NGX Group, described the meeting as a significant affirmation of the capital market's growing importance in national economic development. He emphasized that sound economic reforms, policy consistency, and strong institutions are crucial for restoring investor confidence and attracting private capital. Kwairanga stated that the capital market is vital national infrastructure for financing businesses, supporting industrialization, creating jobs, and fostering inclusive economic growth. NGX Group pledged its commitment to partnering with the Federal Government to deepen the market and broaden access to capital.

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This engagement reflects a shared recognition that the capital market is not merely a platform for trading securities, but critical national infrastructure for financing businesses, supporting industrialization, creating jobs and accelerating inclusive economic growth.