ABF NEWS | ABUJA
President Bola Ahmed Tinubu has said Nigeria’s ongoing economic reforms are restoring investor confidence, with the market capitalisation of companies listed on the Nigerian Exchange (NGX) rising beyond ₦158 trillion since his administration assumed office.
The President made this known after receiving the Chairman, Board and Management of the Nigerian Exchange Group at the State House.
Tinubu commended Alhaji (Dr.) Umaru Kwairanga, Mr. Temi Popoola, the Board and Management of the Nigerian Exchange Group for what he described as their stewardship of an institution that has supported Nigerian enterprise and capital formation for more than six decades.
According to the President, the confidence of investors, like that of citizens, is built when a country keeps its word and remains committed to its economic direction, particularly when reforms require difficult choices.
He said the presentation by the NGX leadership provided evidence that the Federal Government’s economic reforms were beginning to restore confidence in Nigeria’s economy.
The President disclosed that, since the administration came into office, the market capitalisation of listed companies on the Nigerian Exchange had grown beyond ₦158 trillion, while foreign portfolio investment had increased almost sevenfold.
Tinubu described the figures as more than market statistics, saying they demonstrate renewed confidence in Nigeria as the economy becomes stronger, more stable and competitive.
He stressed that the ultimate measure of economic reform should be its impact on ordinary Nigerians.
According to him, stronger capital markets would enable manufacturers to raise funds for expansion, give young entrepreneurs greater opportunities to attract investment locally, and create potential benefits for millions of Nigerians whose pensions are invested in the capital market.
“That is how economic reform becomes meaningful,” the President said.
Tinubu further noted that the Nigerian Exchange ranked among the world’s best-performing equity markets in the first half of the year, describing the recognition as a product of discipline, consistency and the government’s determination to pursue reforms in the long-term interest of the country.
The President reaffirmed Nigeria’s openness to investors and partners willing to build, invest and grow with the country over the long term.
He said the administration’s objective remained unchanged: to build an economy that rewards enterprise, protects investment and improves the living standards of Nigerians.
“The work continues,” the President stated.
