Tinubu’s reforms created 900,000 millionaires, says NGX boss

By Abubakar Yunusa

Economic reforms introduced by President Bola Tinubu have created between 500,000 and 900,000 millionaires through gains in Nigeria’s capital market, the Nigerian Exchange Group has said.
The Group Managing Director and Chief Executive Officer of NGX, Temi Popoola, disclosed this when the board and management of the exchange visited President Tinubu at the State House in Abuja on Thursday.
Popoola attributed the wealth creation to the strong performance of the Nigerian stock market since the President 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.
The NGX boss said the rapid growth of the market had also attracted the attention of other African countries, with some looking to Nigeria as a model for developing their capital markets.
He said the total value of listed equities had risen from about N30tn in 2023 to N160tn, while the NGX All-Share Index climbed from 52,000 points to 244,000 points within the same period.
Popoola said the exchange expected the total value of listed stocks to hit N230tn by the end of 2026, driven by new listings and continued market growth.
“The picture today is that when you took office in 2023, the total value of stocks listed in Nigeria was just shy of N30tn. Today, Mr President, that figure is N160tn,” 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 N230tn.”
The NGX chief also highlighted the performance of the All-Share Index, saying the market had attained levels that were 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 said the growth of the market demonstrated the impact of the Federal Government’s economic reforms and increasing investor confidence in Nigeria’s capital market.