The Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has disclosed that the remarkable expansion of Nigeria's stock market has minted more than 900 millionaires among ordinary shareholders.
Adedeji noted that the Nigerian Exchange's market capitalisation climbed from approximately ₦30 trillion to ₦150 trillion, reflecting the growing value of listed companies. This surge, he explained, has translated into substantial gains for individual investors who hold stakes in publicly traded firms.
Speaking on the broader impact of the country's economic reforms, Adedeji pointed to the capital market's performance as tangible evidence of wealth creation. He argued that the swelling ranks of millionaire investors challenge the narrative that Nigerians are becoming uniformly poorer, insisting that those who participated in the stock market have seen meaningful appreciation in the worth of their portfolios.
The NRS chairman's remarks highlight the expanding role of the Nigerian Exchange as a vehicle for both corporate fundraising and personal wealth accumulation. As businesses increasingly turn to the bourse to access capital, retail investors have found a formal pathway to build assets through equity ownership.
Adedeji's comments come amid ongoing public discourse about the distributional effects of Nigeria's economic policies. By drawing attention to the over 900 new millionaires created through stock market gains, he sought to underscore the potential of formal investment channels to broaden prosperity and encourage wider participation in the capital market.
