NGX: Tinubu reforms created up to 900,000 millionaires
By Aboki Forex —
The Nigerian Exchange Group says President Bola Tinubu's economic reforms have created between 500,000 and 900,000 new millionaires through stock market gains. NGX Group CEO Temi Popoola disclosed this during a visit by the exchange's board and management to the president at the State House in Abuja.
Popoola linked the wealth creation directly to the strong run of the Nigerian stock market since Tinubu assumed office in May 2023.
Market value jumps from N30trn to N160trn
Popoola told the president that the total value of equities listed on the exchange climbed from roughly N30 trillion when Tinubu took office to N160 trillion today. The NGX All-Share Index also rose from 52,000 points to 244,000 points over the same period.
"The picture today is that when you took office in 2023, the total value of stocks listed in Nigeria was just shy of N30 trillion. Today, Mr President, that figure is N160 trillion," Popoola said.
He said the speed of the index's rise caught even experienced market players off guard. "When we reached 100,000, we didn't know how to calculate it anymore because it is not something that we are used to seeing," he said.
NGX projects N230trn by end of 2026
Looking ahead, Popoola said the exchange expects the total value of listed stocks to reach N230 trillion before the close of 2026, supported by new listings and growing investor confidence.
"By the end of this year, with the listing that we are seeing in our market, we expect that figure to rise to N230 trillion," he said.
The NGX chief also said the market's rapid expansion has caught the attention of other African countries. Some are now looking to Nigeria as a reference point for building their own capital markets, he said.
Reform confidence showing in the numbers
Popoola said the overall trajectory reflects the broader impact of the reform agenda on investor confidence in Nigeria. For Nigerian businesses and investors, the stock market rally is now a central plank of the Tinubu administration's economic story.