By Peace Udugba
President Bola Ahmed Tinubu has reaffirmed the Federal Government’s commitment to using Nigeria’s capital market as a key driver of economic transformation, enterprise growth and long-term investment, pledging to reform and list the Nigerian National Petroleum Company (NNPC) Limited on the stock market.
The President made the commitment during a high-level meeting with the Board and Management of Nigerian Exchange Group (NGX Group) and members of the Economic Management Team at the Presidential Villa, Abuja, on Thursday.
At the meeting, NGX Group presented a strategic overview of the Nigerian capital market’s performance under the current administration and outlined a roadmap for transitioning from market recovery to a national capital formation programme aimed at supporting Nigeria’s ambition of becoming a $1 trillion economy.
According to the presentation, Nigeria’s capital market has witnessed significant growth over the past three years, with total market capitalisation rising from about ₦30 trillion in 2023 to ₦160 trillion, while the NGX All-Share Index climbed from 52,000 points to 244,000 points. The Group also highlighted improvements in trading activity, domestic investor participation and foreign portfolio investment.
President Tinubu commended the leadership of NGX Group for sustaining an institution that has supported Nigerian businesses and capital formation for more than six decades. He also praised the Economic Management Team for implementing reforms that have strengthened macroeconomic stability, restored investor confidence and revived the capital market.
“If we can push the private sector to invest in the economy wisely, then we will grow,” Tinubu said, expressing confidence that Nigeria’s target of building a $1 trillion economy is achievable.
The President further disclosed that the Federal Government would reform and list NNPC Limited on the Nigerian capital market, describing the move as part of efforts to mobilise investment, expand public ownership and accelerate economic development.
Chairman of NGX Group, Dr. Umaru Kwairanga, described the engagement as a strong endorsement of the capital market’s growing role in national development.
He said the Nigerian capital market has demonstrated that sound economic reforms, policy consistency and strong institutions can restore investor confidence and unlock private capital.
Kwairanga noted that the Exchange remains committed to partnering with the Federal Government to deepen the capital market, finance businesses, support industrialisation, create jobs and promote inclusive economic growth.
Also speaking, NGX Group’s Group Managing Director and Chief Executive Officer, Temi Popoola, said the market’s impressive performance reflects growing investor confidence in the Nigerian economy.
According to him, the next challenge is to convert the market’s strong performance into sustained capital formation that will finance businesses, infrastructure and productive sectors.
“A trillion-dollar economy requires deep pools of long-term domestic and international capital. The capital market must therefore become one of the principal mechanisms through which Nigeria finances its leading companies, infrastructure and productive sectors,” Popoola said.
NGX Group also proposed four strategic priorities to strengthen the market’s contribution to economic development.
These include the privatisation and listing of commercially viable government assets, domestic or dual listing of leading Nigerian companies, greater policy clarity on capital gains tax for listed securities, and wider use of capital market instruments to finance infrastructure and industrial projects.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described Nigeria’s capital market as one of the world’s best-performing markets and urged NGX Group and the Securities and Exchange Commission (SEC) to work towards expanding the market to $1 trillion while simplifying the listing process and increasing participation, particularly among young Nigerians.
Other senior government officials at the meeting included Minister of Budget and Economic Planning, Senator Atiku Bagudu; Minister of Information and National Orientation, Mohammed Idris; Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso; Chairman of the National Revenue Service, Dr. Zacch Adedeji; Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama; Principal Secretary to the President, Hakeem Muri-Okunola; and Senior Special Assistant to the President on Finance and Economy, Mrs. Sanyade Okoli.
Members of the NGX Group Board and senior management were also in attendance.
