{"id":2899,"date":"2026-08-07T22:28:49","date_gmt":"2026-08-07T22:28:49","guid":{"rendered":"https:\/\/consumerconnectng.com\/?p=2899"},"modified":"2026-08-07T23:15:16","modified_gmt":"2026-08-07T23:15:16","slug":"tinubu-applauds-economic-team-ngx-for-economic-stability-stock-market-rebound","status":"publish","type":"post","link":"https:\/\/consumerconnectng.com\/?p=2899","title":{"rendered":"Tinubu applauds economic team, NGX for economic stability, stock market rebound"},"content":{"rendered":"<p>*<strong><em>President Bola Ahmed Tinubu welcomes growing positive reviews of the Nigerian economy by experts and favourable economic indicators signalling a brighter future for all Nigerians<\/em><\/strong><\/p>\n<p>Isola Moses | ConsumerConnect<\/p>\n<p>President Bola Ahmed Tinubu has said growing positive reviews of the Nigerian economy by experts and favourable economic indicators signal a brighter future for all Nigerians.<\/p>\n<p>Tinubu stated this Thursday, August 6, 2026, when he received the Board and Management of the Nigerian Exchange Group (NGX) in the State House, Abuja, FCT.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"EjI4yCoig4\"><p><a href=\"https:\/\/consumerconnectng.com\/?p=2917\">Economy: IT Regulator, UniAbuja to drive tech innovation, research for inclusive growth in Nigeria<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cEconomy: IT Regulator, UniAbuja to drive tech innovation, research for inclusive growth in Nigeria\u201d \u2014 Consumer Experience Is A Top Priority\" src=\"https:\/\/consumerconnectng.com\/?p=2917&amp;embed=true#?secret=Hnb5TLLq1O#?secret=EjI4yCoig4\" data-secret=\"EjI4yCoig4\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>The President said all the reforms satisfied global best practices, and helped stimulate the economy, setting the foundation for long-term sustainable growth in the country.<\/p>\n<p>The Nigerian Exchange Group, led by the Chairman, Dr Umaru Kwairanga, and the Group Managing Director\/Chief Executive Officer, Temi Popoola, also briefed President Tinubu on the rebound of the market from N30 trillion in 2023 to N160 trillion as of now.<\/p>\n<p>The Nigerian leader, therefore, commended the Economic Management Team, consisting the Minister for Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele; Minister for Budget and National Planning, Atiku Bagudu; the Central Bank Governor, Yemi Cardoso, and Chairman\/CEO of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, for their foresight, dedication and diligence.<\/p>\n<p>Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, Thursday also stated President Tinubu said: \u201cI 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.<\/p>\n<p>&#8220;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.&#8221;<\/p>\n<p>The President noted: \u201cI asked for the job, and I have to do it.&nbsp; And my capable partner in one of the thinking and reasoning days was Yemi Cardoso, whom I put at CBN.<\/p>\n<p>\u201cI found a partner in the CBN Governor, Yemi Cardoso. We were in the negative with monetary policy and the reserve.<\/p>\n<p>&#8220;We had N30 trillion printed, and there were liabilities. I thank you very much, Yemi Cardoso.&#8221;<\/p>\n<p>He further stated: \u201cThe rest of the team, we owe a duty to the country and our self-belief that this is doable.<\/p>\n<p>&#8220;Nigeria can build a nation of prosperity by itself. If the stock market is doing well, then we are doing well.&#8221;<\/p>\n<p>Tinubu said: \u201cWe can teach this in classrooms to our undergraduates.<\/p>\n<p>&#8220;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.&#8221;<\/p>\n<p>He restated: \u201cThank you to the Chairman of the NRS and all the people in the economic team for what we are doing.<\/p>\n<p>&#8220;My assurance to you is that I won\u2019t stop reading, thinking and supporting you.&#8221;<\/p>\n<p>According to the President, the private sector has a big role to play in the economy in creating jobs and supporting the government.<\/p>\n<p>Stated he: \u201cIf we can push the private sector to invest in the economy wisely, then we will grow.<\/p>\n<p>&#8220;It is one reason why I backed Aliko Dangote even before I became a President. God bless the soul of Muhammadu Buhari.<\/p>\n<p>&#8220;We discussed how we can support the private sector to go into the refinery business.<\/p>\n<p>The President said the goal of a one trillion Dollar economy is achievable, given the nation\u2019s population, the brilliance and audacity of its people<\/p>\n<p>He said the NNPC would be reformed and listed in the Capital market.<\/p>\n<p>Speaking at the meeting, Oyedele, Minister for Finance, said: \u201cThe 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.<\/p>\n<p>&#8220;So much so that the capital market in Nigeria is the best performing in the world.<\/p>\n<p>&#8220;The capital market is one of the fastest ways to create wealth for millions of Nigerians.&#8221;<\/p>\n<p>The Minister stated: \u201cAlong 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.<\/p>\n<p>\u201cFor example, many of our young people invest their money in virtual assets and gambling, whereas you can make more money from the capital market.&#8221;<\/p>\n<p>Oyedele also said the listing process could be simplified to favour more Nigerians, as he equally challenged the NGX and SEC to have a target of growing the market to one trillion Dollars.<\/p>\n<p>Kwairanga, GMD of NGX, said the success of the NGX was a result of the the current&nbsp; administration&#8217;s economic reforms.<\/p>\n<p>He stated: \u201cWe believe the one trillion dollar economy is achievable. We have the capacity.<\/p>\n<p>&#8220;We have the resources. We have the material and human resources to reach the one trillion dollar even before 2030 with your support.&#8221;<\/p>\n<p>He said the Capital market had been underutilised over the years.<\/p>\n<p>\u201cYour Excellency, we were at the London Stock Exchange last week, and I was part of a panel.<\/p>\n<p>&#8220;The facilitator asked me what Nigeria is doing that you have turned the NGX around within the shortest possible time,&#8221; said he.<\/p>\n<p>Kwairanga said: &#8220;I told them it is because of the leadership of President Bola Ahmed Tinubu.<\/p>\n<p>\u201cI told them that we have a President that is not only a politician but a businessman.&#8221;<\/p>\n<p>The Group Managing Director of the NGX updated the President on specifics of growth.<\/p>\n<p>Kwairanga stated: \u201cThe picture today is that when you took office in 2023, the total value of stocks listed in Nigeria was just shy of N30trillion.<\/p>\n<p>&#8220;Today, Mr President, that figure is N160 trillion. By the end of this year \u2013 with the listing that we are seeing in our market \u2013 we expect that figure to rise to N230trillion.&#8221;<\/p>\n<p>The GMD also explained: \u201cThe second is the All-Share Index (ASI), which is the measure of growth and performance that we see.<\/p>\n<p>&#8220;When you took office, Mr President, that figure was 52,000; today that figure is 244,000.<\/p>\n<p>&#8220;As a matter of fact, when we reached 100,000, we didn\u2019t know how to calculate it anymore because it is not something that we are used to seeing.&#8221;<\/p>\n<p>The NGX Chief Executive said: \u201cMr President tied to all these is a lot of wealth that has been created for many people.<\/p>\n<p>&#8220;We don\u2019t have exact figures, but we estimate that about 500,000 to 900,000 millionaires have been created as a result of reforms.&#8221;<\/p>\n<p>Also, Popoola said other African markets are looking at Nigeria as a model for growing the stock market on the continent.<\/p>\n<p>In his remarks, Dr. Adedeji, Executive Chairman of NRS, said President Tinubu&#8217;s vision was becoming clearer, with evidence in facts and figures of a fast-growing economy.<\/p>\n<p>He stated: \u201cWhat we know privately is now globally known: the greatest gift to this republic is Mr. President.<\/p>\n<p>&#8220;Every good thing starts and ends with good leadership. Now we\u2019ve seen figures and the facts.&#8221;<\/p>\n<p>Adedeji further noted: \u201cThe economy captures all in the same way. The first tax law in Nigeria was done in 1923.<\/p>\n<p>&#8220;From that period until the President came into the office, nobody has done anything to review the laws, neither the colonial nor the military.<\/p>\n<p>&#8220;It takes Mr President\u2019s courage and patriotism to focus and face this headlong, not minding politics.&#8221;<\/p>\n<p>He further said: \u201cWe can see the results. We have seen what has happened in the country, and this is open to all.<\/p>\n<p>\u201cThe removal of subsidy is the foundation that corrected the distortion that affected the country in the last forty years.<\/p>\n<p>&#8220;The courage to remove it in less than one hour after taking the oath of office is the bedrock, background and fundamental of the changes we are seeing.&#8221;<\/p>\n<p><strong>Banking recapitalisation process, by CBN Governor <\/strong><\/p>\n<p>CBN Governor Cardoso said the banking sector recapitalisation was greeted with scepticism.<\/p>\n<p>He recalled: \u201cA lot of people didn\u2019t think it was possible, and now it was done very successfully and, like we found out, close to 75 percent was domestic resources. In the past it, was the other way round.&#8221;<\/p>\n<p>Cardoso said the turnaround in banking sector recapitalisation showed confidence in the financial system.<\/p>\n<p>The CBN Chief also said the stability of the economy would attract more investments, and the investors would stimulate growth to impact the real sector of the economy.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>*President Bola Ahmed Tinubu welcomes growing positive reviews of the Nigerian economy by experts and favourable economic indicators signalling a brighter future for all Nigerians&hellip;<\/p>\n","protected":false},"author":2,"featured_media":2903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"_FSMCFIC_featured_image_caption":"President Bola Ahmed Tinubu Receives the NGX Performance Report from Alhaji (Dr.) Umaru Kwairanga (left), Chairman Nigerian Stock Exchange (NGX Group); and Temitope Popoola (right), Group Managing Director and CEO of NGX Group, in the State House, Abuja, FCT\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Photo: State House","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","_customify_content_layout":"","_customify_sidebar":"","_customify_page_header_display":"default","_customify_disable_header":"","_customify_disable_header_top":"","_customify_disable_header_main":"","_customify_disable_header_bottom":"","_customify_disable_page_title":"","_customify_disable_content_vertical_padding":"","_customify_disable_footer_top":"","_customify_disable_footer_main":"","_customify_disable_footer_bottom":"","_customify_breadcrumb_display":"","_customify_header_transparent_display":"default","footnotes":""},"categories":[20,4,8],"tags":[],"class_list":["post-2899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-highlights","category-markets","category-regulators"],"featured_image_urls":{"full":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/08\/Tinubu-and-Ecoomic-Team-NGX-cc.png",672,360,false],"thumbnail":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/08\/Tinubu-and-Ecoomic-Team-NGX-cc-150x150.png",150,150,true],"medium":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/08\/Tinubu-and-Ecoomic-Team-NGX-cc-300x161.png",300,161,true],"medium_large":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/08\/Tinubu-and-Ecoomic-Team-NGX-cc.png",672,360,false],"large":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/08\/Tinubu-and-Ecoomic-Team-NGX-cc.png",672,360,false],"1536x1536":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/08\/Tinubu-and-Ecoomic-Team-NGX-cc.png",672,360,false],"2048x2048":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/08\/Tinubu-and-Ecoomic-Team-NGX-cc.png",672,360,false]},"author_info":{"info":["ConsumerConnect"]},"category_info":"<a href=\"https:\/\/consumerconnectng.com\/?cat=20\" rel=\"category\">Highlights<\/a> <a href=\"https:\/\/consumerconnectng.com\/?cat=4\" rel=\"category\">Markets<\/a> <a href=\"https:\/\/consumerconnectng.com\/?cat=8\" rel=\"category\">Regulators<\/a>","tag_info":"Regulators","comment_count":"0","_links":{"self":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts\/2899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2899"}],"version-history":[{"count":2,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts\/2899\/revisions"}],"predecessor-version":[{"id":2928,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts\/2899\/revisions\/2928"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/media\/2903"}],"wp:attachment":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}