President Bola Tinubu on Thursday pledged that the Nigerian National Petroleum Company (NNPC) Limited will be restructured and prepared for a public listing.
The President told Nigerian Exchange Group executives that recent economic indicators and rising expert confidence point to brighter prospects for the country.
A statement by his Special Adviser on Information and Strategy Bayo Onanuga said the President who praised the reforms of his administration said the government has aligned policy with global best practices and set the stage for sustained growth.
Speaking at the Presidential Villa Abuja after receiving NGX board members led by Chairman Dr. Umaru Kwairanga and Group CEO Temi Popoola, President Tinubu lauded a rebound in market value from roughly ₦30 trillion in 2023 to about ₦160 trillion today.
He said “I can see the excitement in the room. All I can do is to celebrate you all today,” Mr. Tinubu said, praising the Economic Management Team—Finance Minister and Coordinating Minister Taiwo Oyedele, Budget Minister Atiku Bagudu, Central Bank Governor Yemi Cardoso, and National Revenue Service Chairman Dr. Zacch Adedeji—for steadying the economy.
The President credited close coordination with Mr. Cardoso of the Central Bank of Nigeria (CBN) for stabilising monetary policy after inherited challenges, including what he described as sizable liabilities.
President Tinubu described the market rebound of the Capital Market as evidence that policy changes are translating into wealth creation and broader economic confidence.
“If the stock market is doing well, then we are doing well,” he said, adding that private-sector investment will be central to job creation and growth.
NGX executives provided details of the rally. Mr. Popoola told President Tinubu that total market capitalisation has climbed to about ₦160 trillion from near ₦30 trillion when the president took office, and projected it could reach ₦230 trillion by year-end as new listings continue.
The NGX’s all‑share index has risen from roughly 52,000 at the start of the Tinubu administration to about 244,000 today, the group said.
Mr. Kwairanga credited the turnaround to the administration’s reforms and said Nigeria can reach a $1 trillion economy before 2030 with continued policy support.
He described the Nigerian market’s recent performance as attracting attention from other African bourses and international investors.
Finance Minister Oyedele said the capital market’s surge is among the strongest globally in recent years and urged simplified listing processes to broaden participation.
He and regulators including the Securities and Exchange Commission are exploring innovations to draw younger savers away from virtual assets and into equities.
Central Bank Governor Cardoso highlighted private‑sector confidence in the banking system after a recapitalisation he said was largely funded domestically, calling the move “a vote of confidence” that will help channel savings into productive investment.
The National Revenue Service Chairman Dr. Adedeji credited the administration’s fiscal choices—most notably the swift removal of fuel subsidies early in the president’s term—with correcting long‑standing distortions and creating the conditions for recovery.
“The courage to remove it in less than one hour after taking the oath of office is the bedrock” of current improvements, he said.
President Tinubu had earlier reiterated an ambitious national target of becoming a $1 trillion economy and vowed continued support for reforms, promising to keep “reading, thinking and supporting” the economic team as Nigeria seeks to translate market momentum into broader prosperity.
