President Tinubu commends NGX leadership and his administration’s Economic Management Team following a major capital market rebound, revealing plans to list state-owned assets such as NNPC Limited on the national bourse.Receiving the Board and Management of the Nigerian Exchange Group (NGX Group) at the Presidential Villa in Abuja on Thursday, August 6, 2026, the President celebrated the expansion of Nigeria’s stock market capitalization from N30 trillion in May 2023 to over N160 trillion.
How will President Tinubu and the NGX Group deepen national capital formation?
During the executive briefing at the State House, NGX Group Chairman Alhaji (Dr.) Umaru Kwairanga and Group Managing Director/CEO Mr. Temi Popoola presented a performance report detailing the equity market’s rapid growth under ongoing macroeconomic reforms. President Tinubu emphasized that private sector enterprise and thriving financial markets are essential for generating employment and driving long-term fiscal stability.Consequently, the administration is advancing strategic plans to list the Nigerian National Petroleum Company (NNPC) Limited and other major state enterprises on the capital market to broaden retail investor participation and deepen liquidity.
The President commended key members of his Economic Management Team—including Central Bank of Nigeria (CBN) Governor Olayemi Cardoso, Minister of Finance Wale Edun, Minister of Budget and Economic Planning Atiku Bagudu, and Federal Inland Revenue Service Chairman Zacch Adedeji—for stabilizing foreign reserves and aligning monetary policy with global best practices.NGX GMD Temi Popoola indicated that domestic market capitalization could climb toward N230 trillion by the end of 2026 as prospective public asset listings and modern digital trading platforms take full effect.
- Official briefing at the Presidential Villa led by NGX Group Chairman Dr. Umaru Kwairanga and GMD/CEO Temi Popoola.
- Report showing stock market growth expanding from N30 trillion in May 2023 to over N160 trillion.
- Announcement of federal plans to reform and list NNPC Limited on the Nigerian Exchange to drive inclusive investment.
- Explicit commendation of the Economic Management Team and CBN leadership for stabilizing foreign reserves and macroeconomic indicators.
“If the stock market is doing well, then we are doing well. Nigeria can build a nation of prosperity by itself, and it is a thing of joy to have this positive feedback.”
The leadership of the NGX Group reaffirmed its commitment to modernizing market infrastructure, introducing innovative financial products, and expanding retail investor access through mobile channels. Meanwhile, financial analysts note that listing major state corporations on the local exchange will significantly bolster corporate governance and public confidence. As regulatory bodies finalize guidelines for upcoming primary market offerings, market participants remain optimistic about the market’s trajectory. Will the proposed listing of NNPC Limited accelerate Nigeria’s transition toward a $1 trillion economy?
