The Vice President of the Federal Republic of Nigeria, His Excellency Senator Kashim Shettima, has underscored the significance of the nation’s capital market, describing it as the country’s ticket to economic stability.
He stated this at the 50th inaugural lecture of Nasarawa State University, Keffi, on Wednesday, where he was represented by the Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim.
According to him, Nigeria’s capital market is not merely a platform for transactions but a driver of national development.
“The implementation of the revised Capital Market Master Plan is restoring investor confidence and attracting new listings, including major entities like NNPC, Dangote Refinery, and LNG.
“With a 37% stock market surge in 2023 and a 1.5% increase in early 2024, our market remains a pillar of economic resilience, offering hope to businesses, investors, and households alike.”
Shettima noted that despite global and domestic uncertainties, the capital market’s performance is a testament to the growing confidence in Nigeria’s economic trajectory.
Referencing January 2025, he said the market capitalization of the Nigerian Exchange Limited (NGX) appreciated by N1.95 trillion, reflecting growing confidence in the leadership and renewed hope agenda of President Bola Ahmed Tinubu.
Comparatively, the Vice President stated that in January 2024, Nigeria recorded an impressive N14.44 trillion increase.
“These figures are not just statistics; they are indicators of the steady hand guiding our economy under the leadership of President Bola Ahmed Tinubu.”
Shettima said, “Our vision of a $1 trillion economy is not a distant dream; it is a deliberate destination. Through bold and strategic reforms, we have embarked on a journey to deepen our financial markets, strengthen investor confidence, and unlock opportunities for sustainable growth.
“The ongoing banking sector recapitalization has already yielded results, with the NGX Banking Index increasing by 9.76% year-to-date. The stellar performances of institutions such as Zenith Bank Plc (11.2%), GTCO (7.1%), and United Bank for Africa (10.88%) underscore the resilience of and confidence in Nigeria’s financial institutions.
“Distinguished ladies and gentlemen, our pension fund assets have reached an unprecedented N20.5 trillion as of December 2024, reinforcing the importance of long-term savings and investments in securing financial stability.
“Our revenue collection efforts have exceeded expectations, with 2024 revenue surpassing the projected N22 billion to reach N27 billion—120% of the target and a 70% increase from 2023. These figures demonstrate the effectiveness of President Tinubu’s pro-business policies and our commitment to fiscal discipline.”
The Vice President expressed that the Securities and Exchange Commission (SEC), through its 2025 budget of N51.49 billion, has laid out strategic objectives to boost investor confidence and expand market activities.
He added that it aims to strengthen regulatory oversight, adopt technology, and introduce new financial products.
“This is a practical approach to deepening market participation and positioning Nigeria as a prime destination for global investment. Further evidence of this progress is the recent engagements with global financial institutions, including the successful Eurobond transaction, which was completed without a roadshow—an unequivocal green light for Nigeria’s growing economic credibility.
“Distinguished ladies and gentlemen, infrastructure development remains at the heart of our strategy for economic growth. The Federal Government has issued six Sovereign Sukuk bonds worth N1.1 trillion to finance 124 federal road projects spanning 5,820 kilometers across the country’s six geopolitical zones. Additionally, new agreements with the International Finance Corporation (IFC) will expand electricity access to 400,000 Nigerians, ensuring that economic opportunities are not hindered by infrastructural deficits.”
The Vice President extolled the virtues of Professor Uche Joe Uwaleke, the inaugural lecturer.
He stated that Professor Uwaleke’s contributions exemplify the intellectual rigor required to enhance the capital market.
“His research, policies, and advocacy are instrumental in shaping its trajectory. We must join him in reflecting on our shared responsibility to sustain and deepen the market and to strengthen collaboration between the government, private sector players, and academia.”
Earlier, the Vice Chancellor of Nasarawa State University, Professor Sa’adatu Hassan Liman, reaffirmed the institution’s dedication to academic excellence, innovation, and industry engagement at the 50th Professorial Inaugural Lecture, delivered by Professor Uche Uwaleke, a renowned expert in capital markets and Director of the Institute of Capital Market at the university.
In her remarks, Professor Liman emphasized that the lecture series aligns with the Keffi Declaration of 2012, which mandates inaugural lectures as a means of showcasing scholarly contributions and bridging the gap between academia and industry.
She noted that since her assumption of office in April 2024, the university has sustained this tradition, with today’s lecture marking the tenth in the series under her leadership.
The event was well attended by members of the academic, political, and capital market communities, including a former Governor of Imo State, Right Honourable Emeka Ihedioha, Senator Tokunbo Abiru, Senator Osita Izunaso, Dr. Tope Fasua, and a host of others
