Business
Tinubu Credits Economic Strategists for Stock Market Rebound, Moots Listing NNPC Ltd
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.
The Aliko Dangote Foundation (ADF) has unveiled the Women’s Share Subscription Grant Initiative (WSSGI), a pioneering financial inclusion programme aimed at increasing women’s participation in Nigeria’s capital market through the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).
The nationwide initiative is designed to support up to two million Nigerian women, with a special focus on low- and middle-income earners, as well as vulnerable women. Through the programme, ADF seeks to expand access to equity ownership, promote a culture of savings and long-term investing, and empower women with greater opportunities for wealth creation through responsible participation in the capital market.
The initiative is open to several categories of beneficiaries, including independent applicants earning ₦100,000 or less per month, verified participants in designated ADF programmes such as CRoWN, ADFIN, and Mu Shuka Iri, eligible non-commissioned servicewomen and service spouses, as well as verified service widows.
To accommodate different categories of participants, the initiative provides two pathways for entry: Matching Grant Track: Eligible independent applicants who subscribe to a minimum of 10 shares will receive an ADF-funded application for an additional 10 shares in their name.
Unconditional Grant Track
The ADF will fund an application for 20 shares on behalf of eligible beneficiaries who satisfy programme eligibility, investor identification, and Know Your Customer (KYC) requirements.
This category covers verified beneficiaries from designated ADF programmes and verified service widows.
Under both tracks, grant funds will be applied directly through the designated issuing house. No cash payments will be made to beneficiaries, government agencies, or sponsors. Any shares successfully allotted will be credited solely to the beneficiary and held in her name.
Eligibility Requirements
Applicants must be Nigerian women aged 18 years and above; resident in Nigeria; meet the eligibility requirements of their respective participation category; successfully complete all required identity verification and KYC processes; and receive no more than one ADF share grant across all Foundation share grant schemes.
The ADF is implementing the initiative in partnership with Vetiva Capital Management and the Nigerian Exchange Group (NGX) through the Securities and Exchange Commission (SEC)-approved IPO subscription infrastructure.
The Foundation will not receive, collect, or hold applicants’ or sponsors’ subscription funds. All applications, payments, allotments, and refunds will be handled in accordance with the IPO Prospectus, applicable regulatory requirements, and the approved basis of allotment.
Participation in the programme is entirely voluntary. Prospective investors should note that share prices may fluctuate, dividends are only payable when declared, and neither allotment nor investment returns are guaranteed.
To facilitate broad participation, applicants are not required to have an existing Central Securities Clearing System (CSCS) account. Where necessary, accounts will be created through Vetiva upon successful completion of the IPO’s KYC requirements.
Eligible independent applicants may submit their applications exclusively through the official ADF portal at ipo.alikodangotefoundation.org.
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Beneficiaries affiliated with the ADF programmes and verified service widows will receive application guidance through approved Foundation channels.
The offer closes on 13 October 2026.
The ADF urges prospective participants to remain vigilant against fraud. Applicants should not make payments to agents, individuals, or personal bank accounts in exchange for grants or promises of guaranteed allotment. Passwords, PINs, and one-time passwords (OTPs) should never be shared, and any unexpected payment request or online link should be verified through official channels before action is taken.
Through this initiative, the ADF is reinforcing its commitment to inclusive economic empowerment, broadening access to investment opportunities, and enabling more Nigerian women to participate meaningfully in the nation’s wealth creation journey.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled a pipeline of major offshore projects with the potential to attract significant new investment into Nigeria’s upstream petroleum sector.
This is as the commission has intensified efforts to convert the country’s substantial hydrocarbon resources into producing assets and sustainable economic value, the NUPRC said in a statement.
According to the statement, Nigeria’s upstream investment outlook was presented at the Nigeria Investment Forum 2026 in New York by the Commission Chief Executive (CCE), Oritsemeyiwa Eyesan.
Eyesan, who was represented by the Executive Commissioner, Corporate Services and Administration, Dr. Kelechi Ofoegbu, highlighted the emerging investment opportunities across Nigeria’s offshore, gas and brownfield assets, noting that the combination of regulatory reforms, improved project economics and a growing pipeline of development-ready assets is creating new opportunities for investors and industry partners.
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A key feature of the presentation, it said, was the identification of 22 major offshore projects, comprising 12 deepwater and 10 shallow-water developments, as part of the pipeline capable of driving substantial new capital into the sector.
According to the commission, the projects include major developments such as Bonga Southwest, Aparo, Zaba Zaba, Owowo, Bosi and Egina South.
The NUPRC also highlighted recent capital commitments across projects including Bonga North, Obeta Gas Development, HIN Associated Gas Development and Iseni Gas Development, demonstrating the movement of investment interest towards actual project development.
The average prices of petrol and diesel have risen by 86 percent in 2026, with the two products reaching their highest average price levels for the year by September 22, according to the latest fuel price trend report by priceandpromo.
The report stated that the average price of Premium Motor Spirit, popularly known as petrol, rose to N1,378 per litre by September 22, while automotive gas oil, commonly known as diesel, increased to N1,899/litre.
It puts the increase in the price of petrol at 80.8 percent from the January 13 base, while diesel recorded a 91.8 percent rise over the same period. The average increase of the two products is 86.3 percent, which rounds to 86 percent.
The report stated, “The latest priceandpromo fuel price trend shows renewed upward movement following the relative stability observed between April and July.
“Petrol rose to an average of N1,378 per litre by 22 September, while diesel increased to an average N1,899 per litre, the highest average price levels recorded for both products in the displayed 2026 series.”
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According to the report, petrol prices had increased sharply in March before remaining relatively stable at elevated levels between April and July. “After the sharp March increase, fuel prices stabilised at higher levels through July before rising again in August and September,” it added.
The renewed increase came amid heightened volatility in the international energy market, according to the report, which noted that the domestic market remained exposed to movements in global energy costs.
“The renewed increase comes amid heightened global energy-market volatility, highlighting the domestic market’s continued exposure to shifts in international energy costs,” the report added.
The report indicated that the latest movement in fuel prices could have wider implications for transportation, logistics and the cost of distributing goods, given the importance of petrol and diesel to economic activities.
The report noted that fuel prices remained an important channel through which changes in energy costs could feed into transportation and other consumer costs.
The report further warned that the renewed increase in both products is a development to monitor because of its potential implications for the movement of people and goods.
It said, “The renewed increase in both petrol and diesel is therefore an important market signal to watch, particularly for its potential implications for mobility, logistics costs and the wider cost of moving goods through the market.”
The report’s figures show that the increase in diesel prices has outpaced that of petrol, with AGO rising by 91.8 percent compared with PMS’s 80.8 percent increase.
Courtesy – The PUNCH
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