President Bola Ahmed Tinubu, GCFR, has reaffirmed his administration’s commitment to leveraging Nigeria’s capital market as a strategic engine for economic transformation, enterprise growth and long-term capital formation, while announcing plans to reform and list the Nigerian National Petroleum Company (NNPC) Limited on the Nigerian Exchange as part of broader economic reforms.
The President made the commitment during a high-level engagement with the Board and Management of Nigerian Exchange Group Plc (NGX Group) and members of the Economic Management Team at the Presidential Villa, Abuja, on Thursday, 6 August 2026.
During the engagement, NGX Group presented a strategic assessment of the Nigerian capital market’s 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 remarkable performance over the last three years, with market capitalisation increasing from approximately ₦30 trillion in 2023 to ₦160 trillion, while the NGX All-Share Index rose from 52,000 points to over 244,000 points during the same period. It also showcased significant improvements in trading activity, domestic investor participation and foreign portfolio investment, underscoring renewed confidence in Nigeria’s economic reforms.
NGX Group further highlighted its role in strengthening market infrastructure, expanding digital access to capital through NGX Invest, supporting record capital raises across key sectors of the economy and deepening domestic investor participation. These developments, the Group noted, have positioned the Nigerian capital market as an increasingly important platform for financing enterprise growth, infrastructure development and long-term economic transformation.
President Tinubu commended the leadership of NGX Group for its stewardship of an institution that has supported Nigerian enterprise and capital formation for more than six decades. He also acknowledged the Economic Management Team for implementing reforms that have strengthened macroeconomic stability, restored investor confidence and supported the resurgence of Nigeria’s capital market.
Emphasising the central role of private enterprise in achieving sustainable economic growth, President Bola Ahmed Tinubu, GCFR, said:
“If we can push the private sector to invest in the economy wisely, then we will grow.”
The President affirmed that Nigeria’s ambition of building a one-trillion-dollar economy is achievable, given the nation’s population and the brilliance, resilience and audacity of its people.
President Tinubu also disclosed that the Nigerian National Petroleum Company (NNPC) Limited would be reformed and listed on the Nigerian capital market, reinforcing his administration’s commitment to leveraging the capital market to mobilise investment, broaden public ownership and accelerate national 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:
“Nigeria’s 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 critical national infrastructure for financing businesses, supporting industrialisation, creating jobs and accelerating inclusive economic growth. NGX Group remains fully committed to partnering with the Federal Government to deepen the market, broaden access to long-term capital and strengthen Nigeria’s position as Africa’s leading investment destination.”
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.
He noted that sustained growth in market capitalisation, domestic participation and primary market activity demonstrates the increasing capacity of the market to finance Nigeria’s next phase of economic expansion.
“A one-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. Our opportunity now is to convert strong market performance into a sustained cycle of capital formation, enterprise expansion, infrastructure development and broad-based wealth creation.”
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 utilization of capital market instruments to finance infrastructure and industrial development.
Minister of Finance and Coordinating 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 Group 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.
The engagement underscored the growing alignment between government and the private sector on the role of Nigeria’s capital market in mobilising long-term investment, expanding economic participation and supporting the country’s ambition of building a resilient, globally competitive and one-trillion-dollar economy.
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.
Other members of the Board at the meeting, include 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.