NGX: Tinubu Reforms Create Up to 900,000 Millionaires

“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.”

Economic reforms introduced under President Bola Tinubu have created an estimated 500,000 to 900,000 millionaires through gains in Nigeria’s capital market, the Nigerian Exchange Group (NGX) has said.

Temi Popoola, group managing director and chief executive officer of NGX Group, disclosed this on Thursday when the board and management of the exchange visited President Tinubu at the State House in Abuja.

Popoola said the wealth creation was largely driven by the strong performance of the Nigerian stock market since the administration assumed office in 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,” he said.

He said the value of listed equities on the exchange had surged from about N30 trillion in 2023 to N160 trillion, while the NGX All-Share Index climbed from 52,000 points to 244,000 points over the same period.

Popoola said the exchange expects the value of listed stocks to rise further to N230 trillion by the end of 2026, driven by new listings and continued growth in the market.

“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,” he said.

“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.”

The NGX chief also noted the unprecedented rise in the All-Share Index, saying the market had reached levels previously unfamiliar to investors.

“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,” Popoola said.

He added that the market’s performance had attracted interest from other African countries seeking to strengthen their own capital markets, describing Nigeria’s experience as an emerging model for market development.

According to Popoola, the sustained growth of the exchange reflects rising investor confidence and the impact of the economic reforms implemented by the Tinubu administration.