Nigeria’s President, Bola Ahmed Tinubu has commended his team of economic strategists for playing a pivotal role in stabilising the economy, which led to the rebound of the stock market in recent years.

He bared his mind on Thursday, while receiving the Board and Management of the Nigerian Exchange Group (NGX) at the State House, Abuja, led by its Chairman, Dr Umaru Kwairanga, and Group Managing Director and Chief Executive Officer, Temi Popoola.

He also lauded the NGX for the stabilisation of the economy and disclosed that the Nigerian National Petroleum Company Limited (NNPC Ltd) would be reformed and listed on the capital market as part of ongoing efforts to deepen investment opportunities for Nigerians.

The NGX leadership informed the president that the capital market rebound from N30tn in 2023 to N160tn today.

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Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed details of the engagement in a statement he signed Thursday titled ‘President Tinubu commends economic team and NGX for stabilising the economy, and the rebound of the stock market.’

Tinubu commended members of his Economic Management Team present, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; the Minister of Budget and National Planning, Atiku Bagudu; the Central Bank Governor, Yemi Cardoso; and the Chairman and Chief Executive of the National Revenue Service, Dr Zacch Adedeji, for what he described as their foresight, dedication and diligence.

The President said, “I can see the excitement in the room. All I can do is to celebrate you all today. When we took over, it was very challenging. I had to talk to myself and define my background to accept the assets and liabilities of my predecessor. I asked for the job, and I have to do it”.

He cited the Central Bank Governor, recalling the state of monetary policy at the start of the administration. According to the President, “My capable partner in one of the thinking and reasoning days was Yemi Cardoso, whom I put at CBN. We were in the negative with monetary policy and the reserve. We had N30tn printed, and there were liabilities. I thank you very much, Yemi Cardoso.”

He framed the stock market’s performance as a broader signal of national progress. “If the stock market is doing well, then we are doing well. We can teach this in classrooms to our undergraduates. If they can be in the classroom without the harrowing feeling of how to pay and what to pay, then we can build a nation of success and prosperity. My assurance to you is that I won’t stop reading, thinking and supporting you,” he said.

On the role of the private sector, the President cited his early support for Aliko Dangote’s refinery ambitions as an example of the kind of investment partnership he believed Nigeria needed.

“If we can push the private sector to invest in the economy wisely, then we will grow. It is one reason why I backed Aliko Dangote even before I became President. God bless the soul of Muhammadu Buhari. We discussed how we can support the private sector to go into the refinery business,” Tinubu said.

He reaffirmed that the administration’s target of a one-trillion-dollar economy remained achievable given Nigeria’s population and human capital, and disclosed plans to list the NNPC on the capital market as part of the broader reform agenda.

In his remarks, Oyedele told the President that the stock market’s growth over the past three years, driven by economic reforms, had made Nigeria’s capital market the best performing in the world. “The capital market is one of the fastest ways to create wealth for millions of Nigerians,” he said, noting ongoing work with the Securities and Exchange Commission to attract more young Nigerians into the market.

He drew a contrast between the current pattern of youth investment behaviour and the opportunity the market represented. “Many of our young people invest their money in virtual assets and gambling, whereas you can make more money from the capital market,” Oyedele said, urging that the listing process be simplified to favour broader participation, and challenging the NGX and SEC to set a target of growing the market to one trillion dollars.

On his part, the NGX Chairman, Kwairanga, said the exchange’s turnaround reflected the impact of the administration’s economic reforms and expressed confidence that the one-trillion-dollar target was within reach. He said, “We believe the one trillion-dollar economy is achievable. We have the capacity. We have the resources. We have the material and human resources to reach the one trillion dollars even before 2030 with your support.”

Kwairanga recounted a recent engagement in London where international observers sought to understand Nigeria’s rapid market turnaround. “We were at the London Stock Exchange last week, and I was part of a panel. The facilitator asked me what Nigeria is doing that you have turned the NGX around within the shortest possible time. I told them it is because of the leadership of President Bola Ahmed Tinubu, that we have a President that is not only a politician but a businessman,” he said.

In his remarks, NGX CEO, Temi Popoola said, “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. By the end of this year, with the listings we are seeing in our market, we expect that figure to rise to N230 trillion,” he said.

On the All-Share Index, he said, “When you took office, Mr President, that figure was 52,000. Today that figure is 244,000. As a matter of fact, when we reached 100,000, we didn’t know how to calculate it anymore because it is not something we are used to seeing.”

He estimated the wealth impact of the market’s growth on ordinary Nigerians, saying, “Tied to all this 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 added that other African markets were now looking to Nigeria as a model.

NRS Chairman Adedeji told the President that the impact of the reforms was now globally recognised. He said, “What we know privately is now globally known: the greatest gift to this Republic is Mr President. Every good thing starts and ends with good leadership.

“The first tax law in Nigeria was done in 1923. From that period until the President came into office, nobody has done anything to review the laws, neither the colonial nor the military administrations. It takes Mr President’s courage and patriotism to focus and face this headlong, not minding politics.”

He also credited the removal of the fuel subsidy as the foundational reform underpinning the broader turnaround.

“The removal of subsidy is the foundation that corrected the distortion that affected the country in the last 40 years. The courage to remove it in less than one hour after taking the oath of office is the bedrock, background and fundamental of the changes we are seeing,” he said.

CBN Governor, Cardoso, told the President that the banking sector recapitalisation exercise, though initially met with widespread doubt, had been executed successfully and was funded predominantly by domestic capital.

“A lot of people didn’t think it was possible, and now it was done very successfully and, like we found out, close to 75 per cent was domestic resources. In the past it was the other way around,” said Cardoso, describing the outcome as a demonstration of renewed confidence in Nigeria’s financial system.

• Accounts for 20% of Europe’s jet fuel imports, reinforcing its position as a major force in global aviation fuel trade

The Dangote Petroleum Refinery & Petrochemicals (DPRP) has strengthened its position as a global supplier of premium aviation fuel after emerging as Europe’s largest jet fuel supplier for the second consecutive month, overtaking the United States and underscoring its growing influence on international energy markets.

Latest European import data compiled by global commodities intelligence firm Kpler show that more than 400,000 tonnes of jet fuel produced by the 700,000 barrels per day Dangote Petroleum Refinery were delivered into Europe in July, accounting for approximately 20 percent of the continent’s total jet fuel imports during the month.

The performance follows a record 466,000 tonnes exported to Europe in June, when Nigeria first displaced the United States as the region’s leading supplier of imported jet fuel.

The sustained export performance marks a significant milestone for the refinery, demonstrating its ability to consistently supply one of the world’s most demanding fuel markets with aviation fuel that meets stringent international quality specifications.

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Europe imported approximately 2.06 million tonnes of jet fuel in July, with Dangote accounting for the single largest share of those imports, ahead of traditional suppliers from the United States and the Middle East.

Industry observers say the refinery is rapidly reshaping established Atlantic Basin fuel trade flows by offering a competitive alternative to long standing suppliers. While European buyers have traditionally relied on refiners in the United States, the Middle East and Asia, Dangote’s strategic location on Nigeria’s Atlantic coast, combined with its scale, modern technology and export capability, has enabled it to become an increasingly important source of aviation fuel for European markets.

The refinery’s export momentum has been supported by steadily rising production. Jet fuel loadings at Dangote’s Lekki export terminal reached a record 550,000 tonnes in June, while crude deliveries to the refinery climbed to an all time high of 660,000 barrels per day, providing the throughput required to sustain growing exports of refined petroleum products to international markets.

The latest figures come at a time of shifting global energy flows. Although Europe received limited volumes of jet fuel from Kuwait, the United Arab Emirates and Oman in July, market disruptions around the Strait of Hormuz and evolving geopolitical dynamics have encouraged buyers to diversify supply sources. Against this backdrop, Dangote Refinery has emerged as a reliable and competitive supplier, reinforcing Nigeria’s growing importance in global refined products trade.

“Beyond aviation fuel, the refinery has continued to expand exports of diesel, gasoline and other refined petroleum products to destinations across Europe, Africa and other international markets, further strengthening Nigeria’s position as a net exporter of high value petroleum products,” noted David Bird, MD/CEO, DPRP

The Nigerian government is shifting focus from exporting crude oil to transform into a major hub for refined petroleum products in Africa.

The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Rabiu Umar, disclosed this on Monday at the 49th Nigeria Annual International Conference and Exhibition organised by the Society of Petroleum Engineers Nigeria Council in Lagos.

Umar said Nigeria’s expanding refining capacity meant the country should increasingly process its crude locally rather than export the raw commodity.

He said the development of new private and modular refineries was rapidly transforming Nigeria from a crude oil exporter and importer of refined petroleum products into a regional refining hub.

“The fact that today, we have more refining capacity in Nigeria than we’ve ever had. And, of course, with the projects that are on stream and the expansions that we are also going to witness in the coming years, clearly Nigeria is going to turn into a refining hub for Africa, which means that perhaps every single molecule of our three million barrels a day production that we hope to achieve in the next couple of years will actually be refined locally.

“What that means, and I think this is a monumental shift, is a handshake between the upstream, midstream and downstream. Effectively, it’s not just exporting the raw crude, but making sure that what we actually end up exporting is the refined petroleum products. And I think this is quite substantial,” he stated.

The NMDPRA chief executive said his agency was working with the Nigerian Upstream Petroleum Regulatory Commission to enforce the domestic crude supply obligation, which he described as critical to supporting the country’s growing refining industry.

“True resilience requires operational and commercial balance. And we remain steadfast in working with our sister agency, the NUPRC, in enforcing the domestic crude supply obligation. And this is really, really important because if we have enough refining capacity, really we don’t have any reason to be exporting crude oil.

“The more of the refined products we are able to export, the more value we create because, after extraction, we’re also adding value, including in the gas and petrochemical sectors as well,” Umar stated.

He said the shift towards domestic refining would enable Nigeria to capture more value from its petroleum resources by integrating the upstream, midstream and downstream sectors. Umar also identified energy security, gas expansion and regulatory excellence as key priorities of the NMDPRA.

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He said the authority was working to ensure adequate petroleum product stocks were maintained close to markets to guard against supply disruptions and price shocks.

“In addition, we are also working on ensuring that we maintain a certain level of stock in the country at any given point in time. As we’ve seen with the current global crises, we have seen how countries have had to dip into their reserves to make sure that prices don’t escalate.

“So, when we talk about energy security, it’s not just having the products on the coastline, but having the products near markets. In addition to that, we’re also working to make sure that we have stock that will have a protocol of release to make sure that prices remain fairly stable because, of course, as we know, supply and demand drive what we see in terms of pricing,” he added.

Umar said the NMDPRA was also removing bottlenecks affecting the deployment of midstream infrastructure, including pipelines, depots and strategic storage terminals.

He said the agency was working with the Nigerian National Petroleum Company Limited, in line with the Petroleum Industry Act, to rehabilitate critical infrastructure, strengthen integrity management, sustain throughput, and reduce losses and disruptions.

On regulation, Umar said the authority was seeking to make the sector more predictable for investors by reducing bureaucratic hurdles and speeding up regulatory decisions.

“On our own part, what we’re trying to do is to make sure that we move away from regulators being seen as police people. Our job is to make sure that the environment is predictable. People can predict what to expect. People can actually determine how long it will take to get a certain refining licence, for example. Because once the conditions are met, it’s like clockwork.

“Because we can’t move forward in the 21st century in terms of investment when we are having a mindset of 1960. So this is really the core of what we’re trying to achieve,” Umar explained.

The NMDPRA chief executive said Nigeria was also seeking to strengthen its position in the West African petroleum products market through the development of a regional pricing benchmark.

He said the initiative, being pursued with other West African regulators and S&P Global Commodity Insights, would help create a transparent regional market and turn Nigeria into a trading hub.

“Our idea is to see how we can actually turn Nigeria into a trading hub. Working with other West African regulators, how do we have one single standard or, if you like, specification for all the products that we consume? That way, people can move products from one region to another without constraint. Today, you hear 50 ppm, somewhere it’s 200 ppm, and all sorts of other parameters that are different,” he stated.

Umar urged stakeholders to focus on implementing existing policies and strategies rather than continuing to develop new plans.

Meanwhile, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, said collaboration remained critical to developing Nigeria’s oil and gas industry amid rapid changes in the global energy landscape.

Eyesan said geopolitical developments, climate considerations, technological disruptions, artificial intelligence, changing investment priorities and rising energy demand were redefining how countries produce, transport and consume energy.

“The theme of this year’s conference, ‘Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience,’ speaks directly to the realities confronting our industry today.”

She said the conference was more than an annual gathering, noting that discussions held at the event over the years had contributed to shaping the direction of Nigeria’s petroleum industry.

Eyesan said collaboration among government, regulators, operators, investors, service providers and professionals had helped shape reforms in the upstream sector.