President Bola Tinubu has endorsed a sweeping plan to turn Nigeria’s capital market into the primary engine for financing a one-trillion-dollar economy.
This is has the President declared that the Nigerian National Petroleum Company (NNPC) Limited will be reformed and listed on the Nigerian Exchange.
Tinubu 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 in Abuja.
NGX Group stated that the market has recorded its strongest run in decades under the current administration. Market capitalization has grown from about N30 trillion in 2023 to N160 trillion, while the NGX All-Share Index rose from 52,000 points to 244,000 points over the same period.
The Group also reported significant increases in trading activity, domestic participation and foreign portfolio investment.
NGX Group stated that “we are moving from market recovery to deliberate national capital formation.”
It proposed a roadmap to mobilize long-term capital for infrastructure, industry and enterprise expansion.
President Tinubu commended NGX Group for stewarding an institution that has supported Nigerian enterprise for over six decades.
“If we can push the private sector to invest in the economy wisely, then we will grow. The goal of a one-trillion-dollar economy is achievable, given our population and the brilliance and audacity of our people,” he said.
The President also disclosed that NNPC Limited would be reformed and listed on the capital market to broaden public ownership and unlock investment.
Group chairman, NGX Group, Umaru Kwairanga, described the meeting as affirmation that the capital market is critical national infrastructure for financing businesses, supporting industrialization, creating jobs and accelerating inclusive growth.
GMD/CEO, NGX Group, Temi Popoola, said the next task is to convert strong market performance into sustained wealth creation.
“A trillion-dollar economy requires deep pools of long-term domestic and international capital. The capital market must become one of the principal mechanisms through which Nigeria finances its leading companies and productive sectors,” he said.
Minister of finance and coordinating minister of the Economy, Taiwo Oyedele, described the Nigerian capital market as the best performing in the world and one of the fastest ways to create wealth for millions of Nigerians.
He challenged NGX and the Securities and Exchange Commission to target a $1 trillion market capitalization, simplify the listing process and deepen retail participation, especially among young Nigerians.
All parties reaffirmed commitment to sustained government-private sector collaboration to build a deeper, more resilient market.
SOURCE: LEADERSHIP NEWS PAPER
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