Tinubu’s Economic Reforms Trigger Massive Wealth Creation, Produce 900,000 Millionaires, NGX says
- NGX Group CEO Temi Popoola told President Tinubu that economic reforms have minted hundreds of thousands of new millionaires
- Popoola revealed that the total value of listed equities jumped from N30 trillion in 2023 to N160 trillion under Tinubu's watch
- The NGX chief projected that listed stock value could reach N230 trillion before the end of 2026, driven by new listings
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Nigerian Exchange Group (NGX) says President Bola Tinubu's economic reforms have generated between 500,000 and 900,000 new millionaires in Nigeria through gains recorded on the country's stock market.
Temi Popoola, group managing director and chief executive officer of NGX Group, made the disclosure during a visit by the NGX board and management to the president at the State House in Abuja.
Source: UGC
Popoola linked the wealth creation directly to the strong run of the Nigerian stock market since Tinubu assumed office in May 2023.
"Mr President, tied to all these is a lot of wealth that has been created for many people. We don't have exact figures, but we estimate that about 500,000 to 900,000 millionaires have been created as a result of reforms," Popoola said.
Nigerian Stock Market Growth Since 2023
The NGX chief outlined some of the market's most striking numbers to illustrate the scale of the turnaround. He said the total value of equities listed on the exchange climbed from roughly N30 trillion when Tinubu took office to N160 trillion today, while the NGX All-Share Index 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 added that the speed of the index's rise had caught even experienced market participants off guard.
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"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 N230 Trillion 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, as new listings come to market and investor confidence continues to grow.
"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.
Source: Getty Images
Beyond domestic performance, the NGX CEO said the market's rapid expansion had caught the attention of other African countries, some of which are now looking to Nigeria as a reference point for building out their own capital markets.
He said the overall trajectory reflected the broader impact of the reform agenda on investor confidence in Nigeria.
Source: Legit.ng
