President Bola Tinubu has commended the Nigerian Exchange Group (NGX) and the Economic Management Team (EMT) for their role in stabilising the Nigerian economy and the stock market.
Mr Tinubu made the remarks while hosting officials from the two teams at the State House in Abuja on Thursday, highlighting what he described as positive reviews of his administration’s economic policies by experts.
“I can see the excitement in the room. All I can do is to celebrate with 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 the Central Bank of Nigeria,” Mr Tinubu said.
Speaking further, Mr Tinubu said Nigeria’s external reserves had already been depleted, and that about N30 trillion had been printed by the time he succeeded the late former President Muhammadu Buhari.
He added that he has since worked with Mr Cardoso to stabilise and revive the economy.
“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,” the president noted.
The EMT comprises the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; the Minister of Budget and National Planning, Atiku Bagudu; the Chairman of the National Revenue Service, Dr Zacch Adedeji; and Mr Cardoso.
Updating Mr Tinubu about the growth in the stock market, NGX Group Managing Director, Temi Popoola, disclosed that the value of the Nigerian stock market has climbed to N160 trillion compared to a N30 trillion valuation when the president assumed office in 2023.
“The picture today is that when you took office in 2023, the total value of stocks listed in Nigeria was just shy of N30 trillion. Today, Mr President, that figure is N160 trillion. By the end of this year – with the listing that we are seeing in our market – we expect that figure to rise to N230 trillion,” Mr Popoola said.
He added, “The second is the all-share index, which is the measure of growth and performance that we see. When you took office, Mr President, that figure was 52,000; today that figure is 244,000.
“As a matter of fact, when we reached 100,000, we didn’t know how to calculate it anymore because it is not something that we are used to seeing.”
