President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to using Nigeria’s capital market as a key driver of 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 (NGX).
Tinubu made this known on Thursday, August 6, 2026, 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.
The meeting focused on the progress of Nigeria’s capital market under the current administration and its potential to mobilise the long-term capital required to support the country’s ambition of becoming a $1 trillion economy.
During the engagement, NGX Group presented an assessment of the transformation of the Nigerian capital market over the past three years and outlined a roadmap for moving from market recovery to a more deliberate national capital formation programme.
According to the presentation, market capitalisation has risen from approximately ₦30 trillion in 2023 to ₦160 trillion, while the NGX All-Share Index increased from about 52,000 points to more than 244,000 points over the same period.
The Group also highlighted improvements in trading activity, domestic investor participation and foreign portfolio investment, describing the developments as signs of renewed investor confidence in the Nigerian economy and the government’s ongoing reforms.
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NGX Group said it had also strengthened market infrastructure, expanded digital access to capital through NGX Invest, supported record capital raises across major sectors and deepened domestic participation in the market.
It said these developments have increasingly positioned the Nigerian capital market as an important platform for financing businesses, infrastructure and long-term economic development.
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 praised the Economic Management Team for implementing reforms aimed at strengthening macroeconomic stability, restoring investor confidence and supporting the resurgence of the capital market.
Emphasising the importance of private enterprise to sustainable economic growth, the President said: “If we can push the private sector to invest in the economy wisely, then we will grow.”
Tinubu said Nigeria’s ambition of building a $1 trillion economy was achievable, given the country’s population and the “brilliance, resilience and audacity” of its people.
The President further disclosed that NNPC Limited would be reformed and listed on the Nigerian capital market, a move he said would support investment mobilisation, broaden public ownership and accelerate economic development.
Chairman of NGX Group, Alhaji (Dr.) Umaru Kwairanga, described the engagement as an important affirmation of the growing role of the capital market in Nigeria’s economic development.
Kwairanga said the performance of the market demonstrated that sound economic reforms, policy consistency and strong institutions could 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,” he said.
He added that NGX Group remained committed to working with the Federal Government to deepen the market, expand access to long-term capital and strengthen Nigeria’s position as a leading investment destination in Africa.
The Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, said the market’s strong performance reflected growing confidence in the direction of the Nigerian economy.
Popoola noted that sustained growth in market capitalisation, domestic participation and primary market activity demonstrated the increasing capacity of the market to finance the country’s next phase of economic expansion.
According to him, achieving a $1 trillion economy would require substantial 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,” Popoola said.
He said the immediate opportunity was to translate the market’s recent performance into a sustained cycle of capital formation, enterprise expansion, infrastructure development and broad-based wealth creation.
NGX Group proposed four strategic priorities for increasing the capital market’s contribution to national development.
These include the privatisation and listing of commercially viable government assets; domestic or dual listing of leading Nigerian companies; greater policy clarity on the capital gains tax treatment of listed securities; and increased use of capital market instruments to finance infrastructure and industrial development.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described the Nigerian capital market as the best performing in the world and one of the fastest avenues for creating wealth for millions of Nigerians.
Oyedele challenged NGX Group and the Securities and Exchange Commission (SEC) to work towards growing the market to $1 trillion, while simplifying the listing process and increasing participation, particularly among young Nigerians.
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The engagement highlighted the growing alignment between the Federal Government and private-sector stakeholders on the role of the capital market in mobilising long-term investment, expanding economic participation and supporting Nigeria’s ambition of becoming a resilient and globally competitive $1 trillion economy.
Also present at the meeting were the Minister of Budget and National Planning, Senator Atiku Bagudu; Minister of Information and National Orientation, Mohammed Idris; Governor of the Central Bank of Nigeria, 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, Hakeem Muri-Okunola; and Senior Special Assistant to the President on Finance and Economy, Sanyade Okoli.
Other members of the NGX Group Board at the meeting included 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.
