The market capitalisation of companies listed on the Nigerian Exchange had increased to more than N158 trillion since his administration came into office.
By Mmesoma Onwuka
President Bola Tinubu has described the remarkable growth of Nigeria’s capital market as evidence that investor confidence in the country is gradually being restored.
Tinubu spoke at the State House, Abuja, when he received the Chairman, Board and Management of the Nigerian Exchange Group (NGX).
The President praised the leadership of the NGX, particularly its Chairman, Alhaji (Dr.) Umaru Kwairanga, and Group Chief Executive Officer, Mr. Temi Popoola, for their contributions to strengthening an institution that has played a major role in capital formation and the development of Nigerian businesses for over 60 years.
He said investor confidence, like public confidence, could only be earned through consistency, credibility and the willingness to remain committed to a clearly defined path even when difficult decisions were required.
According to Tinubu, this approach has been at the heart of his administration’s economic reforms since it assumed office.
The President said the latest figures presented by the NGX indicated that the reforms were beginning to yield results, particularly in rebuilding confidence in Nigeria’s economy.
He revealed that the market capitalisation of companies listed on the Nigerian Exchange had increased to more than N158 trillion since his administration came into office.
Tinubu also disclosed that foreign portfolio investment had risen by almost seven times during the same period.
He said the figures represented more than financial market statistics, arguing that they demonstrated growing confidence in Nigeria’s economic prospects.
The President said the strengthening of the capital market would have practical benefits for Nigerians, including businesses seeking funds to expand their operations and young entrepreneurs looking for investors to support innovative ideas.
He added that millions of Nigerians with pension investments in the capital market would also benefit from increased value and stronger market performance.
“That is how economic reform becomes meaningful,” Tinubu said.
The President further stated that Nigeria was attracting renewed international attention, noting that the Nigerian Exchange was ranked among the best-performing equity markets globally during the first half of the year.
He attributed the development to what he described as discipline, consistency and the determination to sustain reforms in the long-term interest of the country.
Tinubu assured investors and development partners that Nigeria remained open to those prepared to invest, build businesses and create opportunities for the long term.
He said his administration remained focused on creating an economy that rewards enterprise, protects investments and delivers tangible improvements in the lives of Nigerians.
“The work continues,” the President said.