President Bola Tinubu has backed an expanded role for the Nigerian capital market in financing Nigeria’s ambition of becoming a $1 trillion economy, as the Nigerian Exchange Group Plc (NGX Group) pushes for deeper listings, increased private-sector participation and greater use of the market to fund infrastructure and industrial development.
The president gave the backing during a high-level meeting with the Board and Management of NGX Group and members of the Economic Management Team, at the Presidential Villa, Abuja, where the Exchange presented a roadmap for transforming the recent market recovery into a sustained national capital formation programme.
The meeting came against the backdrop of the expansion in the size of the Nigerian equities market over the past three years, with market capitalisation rising from about N30 trillion in 2023 to approximately N160 trillion, while the NGX All-Share Index climbed from around 52,000 points to 244,000 points.
The development, according to NGX Group, reflects improving investor confidence, stronger domestic participation and increased trading and primary-market activity following economic reforms undertaken by the Tinubu administration.
Tinubu, while commending NGX Group and the Economic Management Team, said private-sector investment would be critical to achieving the country’s economic ambition.
“If we can push the private sector to invest in the economy wisely, then we will grow,” the President said, adding that Nigeria’s population, human capital and entrepreneurial capacity made the one-trillion-dollar economy target achievable.
The president also disclosed that the Nigerian National Petroleum Company Limited (NNPC) would be reformed and listed on the capital market, signalling a renewed push to use the market to mobilise capital, broaden public ownership of strategic enterprises and support economic development.
The proposed listing of NNPC could provide one of the most significant opportunities for the Nigerian capital market to deepen its market capitalisation and attract both domestic and international investors, while potentially improving corporate governance and transparency in the state-owned energy company.
Chairman of NGX Group, Alhaji (Dr.) Umaru Kwairanga, said the engagement demonstrated growing recognition of the capital market as critical national economic infrastructure rather than merely a platform for securities trading.
He said sound economic reforms, policy consistency and strong institutions had helped restore investor confidence and unlock private capital.
“The capital market is not merely a platform for trading securities, but critical national infrastructure for financing businesses, supporting industrialisation, creating jobs and accelerating inclusive economic growth,” Kwairanga said.
Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, said the next challenge is to convert the strong performance of the market into sustained capital formation capable of financing businesses, infrastructure and productive sectors.
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“A trillion-dollar economy requires deep pools of long-term domestic and international capital. The capital market must therefore become one of the principal mechanisms through which Nigeria finances its leading companies, infrastructure and productive sectors,” Popoola said.
NGX Group consequently proposed four strategic priorities to deepen the market’s contribution to economic development.
These include the privatisation and listing of commercially viable government assets; domestic or dual listings of leading Nigerian companies; greater policy clarity on capital gains tax treatment of listed securities; and increased use of capital-market instruments for infrastructure and industrial financing.
The proposals could significantly expand the pipeline of investable assets available to Nigerian and foreign investors, while strengthening the ability of the capital market to channel long-term savings into productive investment.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described the Nigerian capital market as the best performing in the world and one of the fastest channels through which wealth could be created for millions of Nigerians.
Oyedele challenged NGX and the Securities and Exchange Commission (SEC) to target growing the market to one trillion dollars while simplifying the listing process and expanding participation, particularly among young Nigerians.
The renewed government-industry alignment comes as the Nigerian equities market continues to record substantial gains.
The NGX All-Share Index closed at 245,209.34 points on August 6, 2026, representing a year-to-date gain of 57.58 per cent, while market capitalisation stood at N158.29 trillion.
The market’s rapid expansion has been driven by strong gains across several major listed companies and sectors, alongside increased investor appetite for Nigerian equities.
However, NGX Group’s proposed next phase places greater emphasis on the primary market, mobilising fresh capital for companies and projects, rather than relying mainly on secondary-market price appreciation to drive market growth.
The parties at the meeting therefore reaffirmed the need for sustained government-private sector collaboration to build a deeper, more resilient and globally competitive capital market capable of supporting Nigeria’s long-term development.
The meeting was attended by senior members of the Economic Management Team and key financial-sector officials, including Minister of Budget and National Planning, Senator Atiku Bagudu; Minister of Information and National Orientation, Mohammed Idris; Central Bank of Nigeria Governor, Olayemi Cardoso; Chairman/Chief Executive of the National Revenue Service, Zacch Adedeji; and SEC Director-General, Emomotimi Agama.
Also present were Principal Secretary to the President, Hakeem Muri-Okunola, and Senior Special Assistant to the President on Finance and Economy, Sanyade Okoli, alongside members of the NGX Group Board and senior management.
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