President Bola Ahmed Tinubu has reaffirmed the Federal Government’s commitment to leveraging Nigeria’s capital market as a strategic catalyst for economic transformation, enterprise growth and long-term capital formation, following a high-level engagement with the Board and Management of Nigerian Exchange Group Plc (NGX Group) and the Economic Management Team at the Presidential Villa, Abuja, on Thursday, August 6, 2026.
During the visit, NGX Group presented a strategic overview of the Nigerian capital market’s remarkable transformation under the current administration and outlined a roadmap for transitioning from market recovery to a deliberate national capital formation programme capable of mobilising long-term investment to support Nigeria’s aspiration of becoming a one-trillion-dollar economy. The presentation highlighted the market’s strong performance over the last three years, with market capitalisation growing from approximately ₦30 trillion in 2023 to ₦160 trillion, and the NGX All-Share Index rising from 52,000 points to 244,000 points over the same period, alongside significant growth in trading activity, domestic participation and foreign portfolio investment.
President Tinubu commended the leadership of NGX Group for its stewardship of an institution that has supported Nigerian enterprise and capital formation for over six decades. He also acknowledged the contributions of the Economic Management Team in implementing reforms that have strengthened macroeconomic stability, restored investor confidence and supported the resurgence of the Nigerian capital market.
President Bola Ahmed Tinubu said: “If we can push the private sector to invest in the economy wisely, then we will grow.” The President affirmed that the goal of a one-trillion-dollar economy is achievable, given the nation’s population and the brilliance and audacity of its people.
He further reaffirmed his administration’s commitment to private sector-led growth and disclosed that the Nigerian National Petroleum Company (NNPC) Limited would be reformed and listed on the capital market, reinforcing the government’s commitment to leveraging the capital market to mobilise investment, broaden public ownership and accelerate economic development.
Chairman of NGX Group, Alhaji (Dr.) Umaru Kwairanga, described the engagement as a significant affirmation of the capital market’s expanding role in national economic development.
Alhaji (Dr.) Umaru Kwairanga, Group Chairman, NGX Group, said: “The Nigerian capital market has demonstrated that sound economic reforms, policy consistency and strong institutions can restore investor confidence and unlock significant private capital. 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. NGX Group remains fully committed to partnering with the Federal Government to deepen the market and broaden access to long-term capital.”
Also speaking, the Group Managing Director and Chief Executive Officer of NGX Group, Mr. Temi Popoola, said the strong performance of the Nigerian capital market reflected growing confidence in the direction of the economy. Popoola said the significant growth in market capitalisation, domestic participation and primary-market activity demonstrated the depth of investor appetite and the increasing capacity of the market to support economic growth.
He stated that the opportunity before Nigeria was to convert strong market performance into a sustained cycle of capital formation, enterprise expansion, infrastructure development and broad-based wealth creation. “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 further proposed four strategic priorities to deepen the market’s contribution to national development: the privatization and listing of commercially viable government assets; the domestic or dual listing of leading Nigerian companies; greater policy clarity on the capital gains tax treatment of listed securities; and increased utilisation of capital market instruments to finance infrastructure and industrial development.
The Minister of Finance and Co-ordinating Minister of the Economy, Mr. Taiwo Oyedele, described the Nigerian capital market as the best performing in the world, calling it one of the fastest ways to create wealth for millions of Nigerians. He challenged NGX and the Securities and Exchange Commission to target growing the market to one trillion dollars, simplify the listing process and deepen participation, particularly among young Nigerians.
All parties present reaffirmed the importance of sustained collaboration between government and the private sector in building a deeper, more resilient and globally competitive capital market capable of supporting Nigeria’s long-term development objectives.
Also at the meeting were Minister of Budget and National Planning, Senator Atiku Bagudu; Minister of Information and National Orientation, Alhaji Mohammed Idris; Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso; Chairman/Chief Executive of the National Revenue Service, Dr. Zacch Adedeji; Director-General of the Securities and Exchange Commission, Dr. Emomotimi Agama; Principal Secretary to the President, Mr. Hakeem Muri-Okunola; and Senior Special Assistant to the President on Finance and Economy, Mrs. Sanyade Okoli.
Others present from NGX Group were members of the Board, including Mrs. Mosun Belo-Olusoga, Mrs. Fatima Wali-Abdurrahman, Mr. Nonso Okpala, Mr. Sehinde Adenagbe, Mr. Ademola Babarinde and Mr. Mohamed Garuba, alongside members of senior management.
