• Market rebounds skyrockets from N30trn in 2023 to N160trn today, projected to peak at N230trn by year end •President pledges to reform and list NNPCL in the capital market • Popoola: Govt’s reforms have created 500,000 to 900,000 millionaires in last three years Deji Elumoye in Abuja President Bola Tinubu has declared that growing positive reviews of the economy by experts and favourable economic indicators signal a brighter future for all Nigerians. The President, who spoke yesterday while receiving the Board and Management of the Nigerian Exchange Group at the State House, Abuja, said all the reforms satisfied global best practices and helped stimulate the economy, setting the foundation for long-term sustainable growth. The Nigerian Exchange Group, led by the Chairman, Dr Umaru Kwairanga, and the Group Managing Director/Chief Executive Officer, Temi Popoola, briefed the President on the rebound of the market from N30 trillion in 2023 to N160 trillion today. Tinubu hailed the Economic Management Team, made up of the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; his Budget and National Planning counterpart, Atiku Bagudu; the Central Bank Governor, Yemi Cardoso, and Chairman/CEO of the National Revenue Service, Dr Zacch Adedeji, for their foresight, dedication and diligence. He said: “I can see the excitement in the room. All I can do is to celebrate you all today. It is a thing of joy to have this feedback. When we took over, it was very challenging. I had to talk to myself and define my background to accept the assets and liabilities of my predecessor. “I asked for the job, and I have to do it. And my capable partner in one of the thinking and reasoning days was Yemi Cardoso, whom I put at CBN. “I found a partner in the CBN Governor, Yemi Cardoso. We were in the negative with monetary policy and the reserve. We had N30 trillion printed, and there were liabilities. I thank you very much, Yemi Cardoso. “The rest of the team, we owe a duty to the country and our self-belief that this is doable. Nigeria can build a nation of prosperity by itself. If the stock market is doing well, then we are doing well. “We can teach this in classrooms to our undergraduates. If they can be in the classroom without the harrowing feeling of how to pay and what to pay, then we can build a nation of success and prosperity “Thank you to the Chairman of the NRS and all the people in the economic team for what we are doing. My assurance to you is that I won’t stop reading, thinking and supporting you.” The President said the private sector has a big role to play in the economy in creating jobs and supporting the government. His words: “If we can push the private sector to invest in the economy wisely, then we will grow. It is one reason why I backed Aliko Dangote even before I became a President. God bless the soul of Muhammadu Buhari. We discussed how we can support the private sector to go into the refinery business. Tinubu said the goal of a one trillion dollar economy is achievable, given the nation’s population, the brilliance and audacity of its people. According to him, the NNPCL will be reformed and listed in the capital market. Earlier, Minister of Finance said: “The stock market has experienced significant growth over the past few years, especially in the last three years as a result of the reforms in the economy. So much so that the capital market in Nigeria is the best performing in the world. The capital market is one of the fastest ways to create wealth for millions of Nigerians. “Along with the Securities and Exchange Commission and the regulator, we have seen these improvements, and we know that they are working on different innovations, particularly how to attract young people into the market. “For example, many of our young people invest their money in virtual assets and gambling, whereas you can make more money from the capital market,’’ Oyedele said the listing process could be simplified to favour more Nigerians, while challenging NGX and SEC to have a target of growing the market to one trillion dollars. On his part, Kwairanga stressed that the success of the NGX was a result of the economic reforms saying “We believe the one trillion dollar economy is achievable. We have the capacity. We have the resources. We have the material and human resources to reach the one trillion dollar even before 2030 with your support.” He said the capital market had been underutilised over the years. “Your Excellency, we were at the London Stock Exchange last week, and I was part of a panel. The facilitator asked me what Nigeria is doing that you have turned the NGX around within the shortest possible time. I told them it is because of
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