By Katsina Times - ABUJA 

President Bola Ahmed Tinubu on Thursday commended members of his economic management team and the Nigerian Exchange Group (NGX), saying recent economic indicators and positive assessments by experts suggest that the country's economy is on a path to recovery.

The President spoke at the State House, Abuja, while receiving the board and management of the NGX, who briefed him on developments in the Nigerian capital market since the beginning of his administration.

According to the NGX, the total value of listed equities has increased from about ₦30 trillion when Tinubu assumed office in 2023 to ₦160 trillion, with projections that it could reach ₦230 trillion before the end of 2026.

Tinubu attributed the development to the economic reforms introduced by his administration, describing them as measures designed to stabilise the economy and lay the foundation for sustainable growth.

He commended members of the Economic Management Team, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Minister of Budget and Economic Planning, Atiku Bagudu, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the Chairman of the National Revenue Service (NRS), Dr Zacch Adedeji, for what he described as their commitment to implementing the reforms.

The President reiterated that the private sector remains central to Nigeria's economic growth, saying increased investment would create jobs and expand economic opportunities.

He also disclosed that the Federal Government plans to reform the Nigerian National Petroleum Company Limited (NNPCL) and eventually list it on the capital market.

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Speaking at the meeting, the Minister of Finance said Nigeria's capital market had become one of the world's best-performing markets in recent years, attributing the growth to ongoing economic reforms.

He urged the NGX and the Securities and Exchange Commission (SEC) to simplify the listing process and work towards expanding the market to a valuation of $1 trillion, while encouraging more young Nigerians to invest in the capital market instead of speculative ventures.

NGX Chairman, Dr Umaru Kwairanga, said the reforms had restored investor confidence and positioned Nigeria to achieve a $1 trillion economy before 2030.

The Group Managing Director and Chief Executive Officer of NGX, Temi Popoola, said the All-Share Index had risen from about 52,000 points in 2023 to 244,000 points, while estimating that between 500,000 and 900,000 Nigerians had become millionaires through wealth created in the stock market.

CBN Governor Olayemi Cardoso said the successful recapitalisation of Nigerian banks demonstrated growing confidence in the country's financial system, adding that improved macroeconomic stability would attract more domestic and foreign investments into the real sector.

Officials at the meeting maintained that the administration's fiscal and monetary reforms were beginning to produce measurable results, although analysts say the long-term impact of the policies will depend on sustained implementation and broader improvements in living standards.